Jul 11, 2012 (Dow Jones) LONDON -- Royal Bank of Scotland PLC (RBS) Wednesday reduced its outlook on both base and precious metals for this year, the latest in a line of banks to pare back their expectations on the sector amid concerns over global growth.
The bank cut its average price forecast for copper for 2012, by 4% to $8,040 a metric ton, and its aluminum outlook by 5.5% to $2,395/ton. RBS also trimmed its outlook on both metals for 2013, reducing its copper 2013 forecast by 1.4% to $8,700/ton and its aluminum outlook by 3.0% to $2,400/ton.
The bank now expects gold to average $1,690 a troy ounce in 2012, a 2% cut to its previous forecast. Next year, however, it sees gold averaging $1,650/oz, up 1.5% on previous estimates.