Jul 11, 2012 (Dow Jones) LONDON -- Credit Suisse (CS) Wednesday joined a long line of banks in downgrading its outlook on both precious and base metal prices for this year and next amid concerns over global growth.
The bank made substantial revisions to its base metal forecasts, with more modest cuts to its outlook on precious metals such as gold.
Credit Suisse slashed its 2012 average price outlook on copper by 14% to $7,747 a metric ton, while reducing its 2013 outlook on the red metal by 11% to $7,950/ton.
The bank now expects gold to average $1,680 a troy ounce this year, down 5% on previous estimates. Next year, it sees the precious metal averaging $1,720/oz, down 4.2%.