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Article: Demand for raw materials makes Merrill an optimist ; MARKET ROUND-UP
- Article from:
- The Evening Standard (London, England)
- Article date:
- August 5, 2009
- Author:
CopyrightCopyright 2009 Evening Standard - London. Provided by ProQuest LLC. (Hide copyright information)
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MERRILL Lynch is confident the global economic recovery is
already underway. It sees growing demand for raw materials which
will, in turn, be good news for the big mining companies.
Merrill has jacked-up its forecast for the copper price by a
whopping 59% to $7000 a tonne because stock piles of the metal
remain low. It has also raised its forecast for other metals,
including nickel, up 32% to $18,500 a tonne. Bulk commodities, such
as iron ore goes up by 10% compared with its previous forecast of a
5% fall by 2010. Coking coal is raised 9% to $140 a tonne whereas it
had been looking for a decline of 10% to $115 a tonne yearon-year.
The broker also argues that rising commodity prices could ...