Canaccord Analysts Make Sharp Revisions to Metal Price Forecasts
Source: Seeking Alpha (10/10/08)
With the metals and mining sector under siege from free-falling commodity prices and even worse stock performance, Canaccord Adams analysts Gary Lampard and Orest Wowkodaw, have made sharp negative revisions to their metal price and stock price forecasts. It's not pretty.
In copper, the flagship base metal, they expect prices to continue falling because strong surpluses of more than 400,000 tons are anticipated in 2009 and 2010. An average price of $2.00 a pound is expected in 2009 and 2010, and they noted that the bottom of the cycle has not been reached.