coal downgrades not as severe as others

0349 GMT [Dow Jones] ANZ downgrades commodity price forecasts in response to change in sentiment across sector; had expected lower prices but states surprise at severity of recent declines. Gold, oil down 20% over past month, copper down some 17%; OECD indicators at lowest levels since 2001, bounce in USD prompts funds to exit safe-haven commodity assets. Average downgrades of between 10% to 25% for 2008-10, says ANZ; nickel suffers biggest downgrade because of demand loss from substiution, 2008 average price expected down 25% at $8.10/lb, copper down 15% at $2.80/lb, gold down 10% to $760/oz.

Bulks don't escape downgrades despite firmer fundamentals; iron ore eyed down 10% for 2009, while coking coal down 4%, thermal down 6%, both for 2009.(EFB)