Commerzbank Lifts Copper Price Forecast for 2010-Shanghai Metals Market

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Commerzbank Lifts Copper Price Forecast for 2010

Industry News 01:16:23PM Dec 07, 2009 Source:SMM

LONDON, Dec. 3 -- Commerzbank has increased its average copper price forecast for 2010 to $6,450 a tonne from $5,550, with 2009 investment inflows seen beating records set last year. The bank also revised 2009 forecasts.

    But the bank warned that prices could face "significant" corrections, should investors continue to ignore the absence of physical demand. "The absence of physical demand is being compensated for by investors," Commerzbank analysts said in a note on Wednesday. "Euphoria is dominating commodity markets ... this creates the risk of a significant price correction."

    In a Reuters survey in October, Commerzbank forecast copper at $5,550 a tonne next year, lead at $1,950, nickel at $17,800, and zinc at $2,050.

    In the same survey, Commerzbank forecast 2009 copper prices to average $4,900 a tonne, aluminium at $1,600, lead at $1,650, nickel at $14,500, tin at $13,300 and zinc at $1,550.

    Commerzbank forecast table (USD/mt):

 
Current Price
2009 Forecast
2010 Forecast
Copper
7,125
5,100
6,450
Aluminum
2,157
1,650
2,000
Lead
2,480
1,700
2,100
Tin
15,225
13,500
15,150
Zinc
2,420
1,650
2,200
Nickel
16,300
14,600
16,900

    (Source: Reuters)
 

Commerzbank Lifts Copper Price Forecast for 2010

Industry News 01:16:23PM Dec 07, 2009 Source:SMM

LONDON, Dec. 3 -- Commerzbank has increased its average copper price forecast for 2010 to $6,450 a tonne from $5,550, with 2009 investment inflows seen beating records set last year. The bank also revised 2009 forecasts.

    But the bank warned that prices could face "significant" corrections, should investors continue to ignore the absence of physical demand. "The absence of physical demand is being compensated for by investors," Commerzbank analysts said in a note on Wednesday. "Euphoria is dominating commodity markets ... this creates the risk of a significant price correction."

    In a Reuters survey in October, Commerzbank forecast copper at $5,550 a tonne next year, lead at $1,950, nickel at $17,800, and zinc at $2,050.

    In the same survey, Commerzbank forecast 2009 copper prices to average $4,900 a tonne, aluminium at $1,600, lead at $1,650, nickel at $14,500, tin at $13,300 and zinc at $1,550.

    Commerzbank forecast table (USD/mt):

 
Current Price
2009 Forecast
2010 Forecast
Copper
7,125
5,100
6,450
Aluminum
2,157
1,650
2,000
Lead
2,480
1,700
2,100
Tin
15,225
13,500
15,150
Zinc
2,420
1,650
2,200
Nickel
16,300
14,600
16,900

    (Source: Reuters)