Picked up Friday by Gavin Wendt (@gwendt): Major development this afternoon with Citigroup turning bullish on resource for the first time in three years

Picked up Friday by Gavin Wendt (@gwendt): Major development this afternoon with Citigroup turning bullish on resource for the first time in three years. We move our 12-month sector stance to Bullish, from Neutral; key picks BHP Billiton, Rio Tinto and Glencore-Xstrata. While we remain concerned about the potential long-term structural demand story for commodities in China, and we are cognisant of a potential seasonal slowdown in the first quarter of this year, our move to bullish reflects better bottom-up fundamentals, particularly from the major miners. We would rather be too early than too late in making this call.