Seems that the "bear" is waking up from his winter sleep.....
UBS lifts Cu, Ni, Zn, iron ore 2014 price outlook
Copper’s 2014-2015 price forecast has been lifted 5% to US$3.10 per pound to reflect sustained buying by China, while the long-term price has been increased by 15%-20% to $2.95/lb.
My note: UBS was using US$2.55/lb in their update after release PFS Kitumba. Now 2.95 which is a 16% increase.
UBS increased zinc’s long-term price by 15% to 98-cents per pound and lifted this year’s price forecast to $1 per pound. “Prices for zinc (galvanizing) & lead (auto-batteries) are now ending higher on tightening fundamentals: prices are lifting among marginal costs of productions; deficits are forecast, reflecting recovering activity & sustained demand in mature economies,” the analysts observed. “We expect more upside in 2014, not only because mine supply is weak, but because demand growth is improving,” they advised.
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