ABN Predicts Main Metal Price will Fall in 2008 Situation in 2007 is Different

ABN Bank forecast on Thursday that prices of major industrial metal will decline in 2008 and 2009. This year, various basic metals will be more or less the different: copper, aluminum and zinc fell, but nickel and lead will be better than the other basic metals.

In its latest report on the global mining industry, ABN lowers the forecasted average price of copper in 2007 by 13% to 2.40 dollars/pound, and lowers the average price of 2008 by 16% to 1.90 dollars/pound. The last forecast was made in December 2006.

"Our argument is not in the growth of demand for copper, consists more in copper supply is finally on the track", the bank said.

In 2007, Nickel prices are forecast up 82% to 11 dollars per pound. Lead prices were 52% increase to 70 cents per pound. The average aluminum price forecast was revised upward by 10% in 2007 to 1.10 dollars/pound. It is still below the 1.17dollars of 2006. In 2007, zinc price forecast rise by 8% to 1.40 dollars/pound.

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