Citi Cuts Metal-Price Estimates

Citi lowered its forecast on metal prices. The bank lowered its 2012 forecast on copper by 7% to $359 per pound and its 2013 view by 2% to $372/lb. Citi cut its 2012 forecast on aluminum by 11% to $91/oz and its 2013 outlook by 12% to $96/lb. Citi now expects palladium to average $659 a troy ounce in 2012 and $700/oz in 2013.