Barclays Lowers Metal-Price Estimates
Barclays PLC (NYSE: BCS) lowered its forecast on metals prices for 2012 and 2013.
Barclays lowered its 2012 average price forecast on London Metal Exchange cash price copper by 6% to $8,120 per metric ton, and cut its 2013 forecast by 8% to $8,450/ton.
The bank also lowered its 2012 forecast for tin by 12% to $21,251/ton. Barclays lowered its 2013 forecast for zinc by 22% to $2,175/ton.
The bank now projects gold to average $1,672 a troy ounce in 2012. It projects gold to average $1,750/oz in 2013.
Barclays shares closed at $10.25 yesterday.
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