The tumbling stock markets and weakening metal prices in recent weeks have led analysts to revise lower their copper price forecasts. Westpac's Huggan maintained his average copper price forecast for this year at 72 U.S. cents a pound but revised lower his copper price forecast for 2003 to 80 cents/lb from an earlier forecast of 84 cents/lb. The revision is based on an assumption that the world economy is still set to recover in 2003, Huggan said. Macquarie has revised lower its price forecasts for 2002 and 2003.
NSTL
