Metals price outlook pruned
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Copper, aluminium and other industrial and precious metals will trade lower than previously expected next year, although the so-called supercycle in commodities is not yet over, Morgan Stanley said. The aluminium forecast for next year was cut by 20 per cent to $1.20 a pound, while the copper estimate fell 22 per cent to $3.20 a pound, the bank said in a report. Gold will average 5 per cent less at $950 an ounce and platinum 38 per cent less at $1,500 an ounce, Morgan Stanley said. ''The sharp downturn in financial markets will likely extend the period of demand weakness for commodities, but we still expect a re-acceleration led by China at some stage in 2009,'' London-based analyst Wiktor Bielski said in the report.
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Source : Business Line |
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