first quantum minerals FM on TSE Message Board

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Gold/Mining/Energy : first quantum minerals FM on TSE

FM 27.19

0.0%

Jan 8 4:00 PM EST

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To: Stephen O who wrote (302)	5/19/2000 1:54:00 PM
From: Stephen O	Read Replies (1) of 385

Bear Stearns copper outlook 27 Apr 2000 We have become more bullish recently in regards to our outlook for the global copper industry's fundamentals. Based on the findings of our recently completed copper industry analysis, we conclude that copper prices will rise over the next 12-18 months thanks to a combination of moderating supply growth and an improved outlook for East/West trade (i.e. China and Russia). These factors, we believe, will push the copper market into deficit by 2001, despite our conservative outlook for a moderation in global demand. As a consequence, we believe that inventories will decline over the next 12 to 24 months - and could near critically low levels in 2002. Accordingly, we have raised our copper price forecast to $0.85 per lb. for 2000 and $0.90 per lb. for 2001, from $0.80 per lb. and $0.87 per lb., respectively. These prices would be very good for First Quantum

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