MARKETS SPECTATOR: Heavy metals

Citigroup has cut its forecasts for key commodities – such as aluminium, coal, copper and gold – by as much as 15 per cent. But iron ore is safe.

The global supply of commodities such as aluminium, coal, copper and gold is outstripping demand, Citigroup says simply. That means prices for these metals may fall in 2013 by as much as 15 per cent. This has prompted Citi analysts to cut their share price targets for Alumina, BHP Billiton, Rio Tinto, Whitehaven Coal and Yancoal Australia.

Still, Citi reckons the iron price in 2013 will be at $US128 a tonne, up from a previous forecast of $US120.

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