Citi's Global Metals & Mining team has rung the mining bell, moving to a bearish view on the sector. In Citi's words, "We are moving our 6-month stance to bearish, reversing our upgrade of the sector following the Brexit vote. The sector has run hard both in absolute and relative terms, being the best performing sector in Europe over the past three months. Our momentum indicators suggest this performance is unlikely to continue. Per our analysis current share prices are justified on current spot earnings (based on PER and EV/EBITDA multiples). However, we think commodity prices would need to move higher to drive the sector further, which runs contrary to our house base-case view. Keep reading for more on the outlook for the mining sector.