Copper price forecast cut
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Citigroup Inc cut its 2009 and 2010 forecasts for copper and aluminium and reiterated that the so-called commodity supercycle ''lives.'' The 2009 copper estimate was cut by 23 per cent to $3.65 a pound, and the 2010 forecast by 27 per cent to $4 a pound, the bank said in a report. The 2009 aluminium estimate fell 28 per cent to $1.30 a pound and the 2010 forecast 27 per cent to $1.60 a pound. ''We regard current conditions to be a severe correction amid a secular bull market,'' the bank said in the report. The next surge ''could be even more powerful than its predecessor because when global economic activity recovers, demand will be amplified by re-stocking while supply is pinched by mine cutbacks/closures and project delays.
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Source : Business Line |
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