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Commerzbank Lifts Copper Price Forecast for 2010

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Strong Demand Lifts Shanghai Copper

<p>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.</p>
<p>&nbsp;&nbsp;&nbsp; But the bank warned that prices could face &quot;significant&quot; corrections, should investors continue to ignore the absence of physical demand. &quot;The absence of physical demand is being compensated for by investors,&quot; Commerzbank analysts said in a note on Wednesday. &quot;Euphoria is dominating commodity markets ... this creates the risk of a significant price correction.&quot;</p>
<p>&nbsp;&nbsp;&nbsp; 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.</p>
<p>&nbsp;&nbsp;&nbsp; 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.</p>
<p>&nbsp;&nbsp;&nbsp; Commerzbank forecast table (USD/mt):</p>
<p>
<table cellspacing="0" cellpadding="0" border="1" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none; border-collapse: collapse">
    <tbody>
        <tr>
            <td valign="top" width="103" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: windowtext 1pt solid; padding-left: 5.4pt; padding-bottom: 0cm; border-left: windowtext 1pt solid; width: 77.4pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">&nbsp;</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: windowtext 1pt solid; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">Current Price</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: windowtext 1pt solid; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">2009 Forecast</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: windowtext 1pt solid; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">2010 Forecast</div>
            </td>
        </tr>
        <tr>
            <td valign="top" width="103" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: windowtext 1pt solid; width: 77.4pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">Copper</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">7,125</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">5,100</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">6,450</div>
            </td>
        </tr>
        <tr>
            <td valign="top" width="103" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: windowtext 1pt solid; width: 77.4pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">Aluminum</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">2,157</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">1,650</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">2,000</div>
            </td>
        </tr>
        <tr>
            <td valign="top" width="103" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: windowtext 1pt solid; width: 77.4pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">Lead</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">2,480</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">1,700</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">2,100</div>
            </td>
        </tr>
        <tr>
            <td valign="top" width="103" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: windowtext 1pt solid; width: 77.4pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">Tin</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">15,225</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">13,500</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">15,150</div>
            </td>
        </tr>
        <tr>
            <td valign="top" width="103" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: windowtext 1pt solid; width: 77.4pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">Zinc</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">2,420</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">1,650</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">2,200</div>
            </td>
        </tr>
        <tr>
            <td valign="top" width="103" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: windowtext 1pt solid; width: 77.4pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">Nickel</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">16,300</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">14,600</div>
            </td>
            <td valign="top" width="108" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 81pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div align="center">16,900</div>
            </td>
        </tr>
    </tbody>
</table>
</p>
<p>&nbsp;&nbsp;&nbsp; (Source: Reuters) <br />
&nbsp;</p>

Commerzbank Lifts Copper Price Forecast for 2010

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