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Base metals may well remain in a sideways slog during 2013 and metals have traded in more compressed ranges this year than last.

04 Oct 2012

LONDON (Commodity Online): Copper, aluminum and nickel prices may remain bearish in 2013, said INTL FCStone in a commodity research note.

According to the firm, base metals may well remain in a sideways slog during 2013 and metals have traded in more compressed ranges this year than last.

"We think the metals price outlook in 2013 will be very much be like 2012. Trading ranges will remain compressed, with the upside limited by a moderate growth environment and a stronger dollar that will retain its safe-haven status in times of crises, likely triggered by bouts of European seizures,” FCStone added.

On the other hand, the downside will be kept in check by a semblance of global growth (modest as it is), consumer buying that should set in on protracted declines, as well as a moderation in the rate of sup¬ply that we expect to see in a number of metals.

“Bouts of central-bank easing, such as what we saw transpire in August and September, could lead to substantial price spikes as well, but we suspect their impact will fade over time," they noted.

FCStone's forecast averages for 2013, all in metric ton, include copper, $8,000; aluminum, $2,000; zinc, $2,100; lead, $2,200; nickel, $18,500; and tin, $21,000.


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