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Standard & Poor’s Downgrades Iron Ore, Copper Price Forecasts
Jan. 21, 2015 03:00AM PST
Base Metals Investing Mining Weekly reported that credit rating agency Standard & Poor’s has downgraded its price forecasts for iron ore and copper due to slow global growth.
Mining Weekly reported that credit rating agency Standard & Poor’s has downgraded its price forecasts for iron ore and copper due to slow global growth.
As quoted in the market news:
The agency revised down its iron-ore price forecast to $65/t for 2015 and 2016, from $85/t. It cut its copper price forecast to $2.70/lb ($5 952.50/t) in 2015 and 2016, from $3.10, it said in a release.
Standard & Poor’s credit analyst Elad Jelasko stated:
Given our new assumed prices for iron ore and copper, we expect changes to our credit ratings and outlooks on some entities in the coming weeks
While the fundamentals for other industrial metals, such as aluminium, nickel, and zinc, remain positive, we believe the slowdown in the global economy will be reflected in lower demand. As a result, we have slightly revised downward our assumptions for the metals.