Sept. 14 (Bloomberg) -- Nomura Holdings Inc. lowered its 2010 copper estimates and raised them for gold, nickel and palladium.
The forecast for copper was lowered to $7,485 a metric ton from $7,716 a ton previously, Normua said in a report dated Sept. 10. Estimates were raised for gold to $1,189 an ounce, from $1,100, nickel to $21,380 a ton from $18,960 a ton and palladium to $484 an ounce from $458 an ounce, according to the report.
"We continue to forecast the majority of excess cash to be generated from copper, iron ore and coking coal exposure, and we would resist the temptation to switch into laggards such as aluminum," Nomura analyst Paul Cliff wrote in the report. "Supply growth will inevitably result in lower long-term prices, but we think this could take up to five years for iron ore and 10 years for copper."