JPMorgan Slashes 2012 Forecast on Industrial Metals (JJC) (DBB) (XME)
Tweet Send to a Friend
JPMorgan cut its 2012 copper forecast by 4.6 percent to $8,125 a metric ton and reduced estimates for aluminum, nickel, lead, zinc and tin. Analysts at the bank cited weaker global demand.
"Damage to global metals use in the second quarter appears to have been stronger than even our outlook had anticipated," stated analyst Colin Fenton in a research note today.
"Though voluntary and involuntary production cuts have materialized across metals, especially in zinc and copper, they have been too late and too small to bring markets back into balance."
JPMorgan's tin estimate was lowered by 12 percent to $20,934 a ton and their lead forecast was reduced by 8.5 percent to $2,023 a ton.
Fenton thinks industrial metals will rebound in 2013.
ETFs investors can use to trade industrial metals includes: iPath DJ-UBS Copper TR Sub-Idx ETN (NYSE: JJC), PowerShares DB Base Metals (NYSE: DBB), SPDR S&P Metals & Mining (NYSE: XME).
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
"Damage to global metals use in the second quarter appears to have been stronger than even our outlook had anticipated," stated analyst Colin Fenton in a research note today.
"Though voluntary and involuntary production cuts have materialized across metals, especially in zinc and copper, they have been too late and too small to bring markets back into balance."
JPMorgan's tin estimate was lowered by 12 percent to $20,934 a ton and their lead forecast was reduced by 8.5 percent to $2,023 a ton.
Fenton thinks industrial metals will rebound in 2013.
ETFs investors can use to trade industrial metals includes: iPath DJ-UBS Copper TR Sub-Idx ETN (NYSE: JJC), PowerShares DB Base Metals (NYSE: DBB), SPDR S&P Metals & Mining (NYSE: XME).
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Silver, Gold Active as Bernanke Expresses Some Concerns (SLV) (GLD)
- NetApp (NTAP) Tops Q4 EPS by 1c; Boosts Buyback, Plans Job Cuts, Initiates Dividend
- A Tradable Relief Rally in the Gold Miners (GDX)?
Create E-mail Alert Related Categories
Commodities, ETFsRelated Entities
UBS, JPMorgan, Standard & Poor's
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
