Seems that the "bear" is waking up from his winter sleep.....UBS...

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.

http://www.mineweb.com/mineweb/content/en//mineweb-mining-finance-investment-old?oid=225521&sn=Detail