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Deutsche Cuts 2007 Copper Forecast, Ups Others

Deutsche Bank on Friday raised its price forecasts for most base metals for this year and next year, but cut its prediction for copper in 2007 by 10%.

The most significant revisions came in cash nickel for 2008 which was increased by 110% to $31,002 a tonne from its previous forecast, the bank said in a report.

The bank raised its 2007 nickel forecast by 62% to $31,471. The bank saw copper at $5,952 in 2007, down 10% from the previous forecast.

The 2008 forecast was increased by 8% to $5,181.

Copper prices have fallen around 9% so far in 2007, with cash copper trading at around $5,891 a tonne.

In 2006, cash copper averaged $6,731, while nickel was $24,287.

The report said aluminium would average $2,519 and $2,232 in 2007 and 2008, up 3 and 7%, respectively.

In 2006, cash aluminium averaged $2,567.

Zinc was seen at $3,693 in 2007, up 7%. In 2008, the forecast for zinc was raised 10% to $2,921, equivalent to an 11% fall from the 2006 average of $3,273

The bank estimated lead to be 26% higher at $1,337 in 2007 and 16% up at $1,075 in 2008. Tin was seen at $10,031 and $9,149, up 18 and 26%, respectively.

Lead averaged $1,287 in 2006, while tin was at $8,763.