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Commodity price forecasts after mid-April declines

Posted on 30 April 2013

Global investment banks have adjusted near-term price forecasts for energy, metals and agricultural commodities after the mid-April market tumble.Brent crude oil fell below $100 a barrel the first time in nine months; gold suffered its biggest loss in dollar terms; and copper sunk to an 18-month low after the selloff, triggered by worries of stagnating China growth, fresh concerns about the euro zone and U.S. economic uncertainty.
Goldman Sachs, Wall Street’s most influential name in commodities, has lowered its forecast for Brent crude in the second quarter, while turning bullish on copper due to inventory drawdowns in China. It also withdrew its previous call to short gold, as bullion prices moved back above $1,400 an ounce………………………………………..Full Article: Source


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