Credit Suisse Ups '08 Copper Forecast To $4/Lb
Credit Suisse raises 2008-2010 copper forecast to $4/lb ($8,816/ton) from previous estimate of $3.60; Strike action at Codelco in Chile appears to be escalating, represents 12% of global copper supply; "before strikes began to take effect, copper was already set for a major breakout due to ongoing supply shortages and limited stockpiles held by consumers who appear to be operating hand to mouth." If strike action accelerates in Chile, prices could easily spike above our $12,000/ton. Adds Codelco strike reduces supply by 20,000 tons so far. LME 3-month copper at $8,620, down $20 vs PM kerb.(EFB)
copper forecast
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