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January 30, 2015
Base & Precious Metals

Commodity Forecasts
Copper Alum-
inum
Zinc Nickel Gold Silver
US$/lb US$/oz
2002 0.71 0.61 0.35 3.08 310 4.60
2003 0.81 0.65 0.38 4.37 364 4.88
2004 1.30 0.78 0.48 6.27 409 6.65
2005 1.67 0.86 0.63 6.69 445 7.31
2006 3.05 1.17 1.48 11.00 605 11.58
2007 3.23 1.20 1.47 16.89 697 13.40
2008 3.15 1.17 0.85 9.57 872 15.01
2009 2.34 0.75 0.75 6.64 973 14.67
2010 3.42 0.99 0.98 9.89 1225 20.16
2011 4.00 1.09 0.99 10.38 1570 35.11
2012 3.61 0.92 0.88 7.96 1668 31.15
2013 3.32 0.84 0.87 6.81 1411 23.83
2014 3.11 0.85 0.98 7.65 1266 19.08
y-t-d 2015 2.66 0.82 0.96 6.70 1246 17.08
Jan '14 3.31 0.78 0.92 6.38 1243 19.90
Feb 3.24 0.77 0.92 6.44 1299 20.85
Mar 3.02 0.77 0.91 7.10 1337 20.73
Apr 3.03 0.82 0.92 7.88 1299 19.71
May 3.12 0.79 0.93 8.82 1289 19.35
Jun 3.09 0.83 0.96 8.42 1278 19.79
Jul 3.22 0.88 1.05 8.64 1313 20.92
Aug 3.18 0.92 1.06 8.42 1297 19.78
Sep 3.12 0.90 1.04 8.20 1241 18.48
Oct 3.06 0.88 1.03 7.15 1224 17.20
Nov 3.04 0.93 1.02 7.12 1176 15.97
Dec 2.91 0.87 0.98 7.22 1200 16.23
m-t-d Jan '15 2.55 0.83 0.95 6.60 1274 17.66
Forecast
2015 2.80 0.87 1.00 8.15 1215 16.30
2016 3.05 0.97 1.10 9.40 1180 16.45
Commodity price forecasts are by BMO Capital Markers Economics and are independent of those used by BMO CM Equity Research
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