Prudential Equity Raises Copper Estimates for Next Seven Years
2006-10-06 05:22 (New York)
By Chanyaporn Chanjaroen
Oct. 6 (Bloomberg) -- Prudential Equity Group, part of the
second-biggest U.S. life insurer, raised its forecasts for
copper prices for the next seven years, citing lower-than
expected production by mining companies.
Copper for immediate delivery will average $3 a pound in
2007, up 20 percent from a previous forecast, Prudential analyst
John Tumazos said yesterday in an e-mailed report from New York.
The metal has averaged $6,627 a metric ton, or $3 a pound, this
year.
``We are raising our copper industry view to favorable from
unfavorable,'' Tumazos, who was named 40 times to Institutional
Investor magazine's quarterly All-America Research Team, wrote
in the report.
Tumazos raised his average copper-price estimate for 2008
to $2.50 a pound from $1.25, and to $2 from $1.08 for 2009
through 2012. Prices will average $1.40 a pound from 2013
onwards, up from an earlier estimate of $1.08 a pound, he added.
--Editor: Carrigan. |
