Morgan Stanley cuts commodities price forecasts
China's dormant industry fails to bolster demand in the world's biggest consumer of copper and iron ore
Seoul
MORGAN Stanley cut its price forecasts for almost all base metals and bulk commodities as China's "dormant" industry fails to bolster demand in the world's biggest consumer of copper and iron ore.
The bank reduced its 2015 estimate for nickel by 23 per cent from its previous estimate to an average US$14,815 a tonne and lowered copper by 16 per cent to US$5,945 a tonne. It cut its iron ore outlook by 28 per cent and coking coal by 16 per cent. Industrial metals will perform better than bulk commodities as growth in developed countries supports demand, analysts Tom Price and Joel Crane said in a report on Tuesday.
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