Credit Suisse Slashes Industrial Metals Forecast (DBB) (JJC) (AA)
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Credit Suisse cut its 2012 industrial metals forecasts due to an expected decline in the pace of global growth.
"While we expect a modest recovery in the second half of the year, the pace of growth is likely to remain relatively subdued," said Ric Deverell. "This suggests to us that the balance of near-term risks to the industrial commodity complex is to the downside."
Their copper forecast dropped to $7,747 a metric ton from $8,980 a ton. The aluminum estimate was lowered to $2,024 a ton from $2,395 a ton, and tin was lowered to $20,376 a ton from $23,735 a ton.
PowerShares DB Base Metals ETF (NYSE: DBB) is lower by 9 percent in the past 3 months. Shares of Alcoa (NYSE: AA) are lower by 15.15 percent over the same period.
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"While we expect a modest recovery in the second half of the year, the pace of growth is likely to remain relatively subdued," said Ric Deverell. "This suggests to us that the balance of near-term risks to the industrial commodity complex is to the downside."
Their copper forecast dropped to $7,747 a metric ton from $8,980 a ton. The aluminum estimate was lowered to $2,024 a ton from $2,395 a ton, and tin was lowered to $20,376 a ton from $23,735 a ton.
PowerShares DB Base Metals ETF (NYSE: DBB) is lower by 9 percent in the past 3 months. Shares of Alcoa (NYSE: AA) are lower by 15.15 percent over the same period.
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