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April 11, 2014
Base & Precious Metals

Commodity Forecasts
Copper Alum-
inum
Zinc Nickel Gold Silver
US$/lb US$/oz
2001 0.72 0.66 0.40 2.71 271 4.37
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
y-t-d 2014 3.18 0.78 0.92 6.71 1293 20.42
Apr '13 3.27 0.84 0.84 7.09 1486 25.21
May 3.28 0.83 0.83 6.78 1416 22.99
Jun 3.18 0.82 0.83 6.47 1343 21.13
Jul 3.13 0.80 0.83 6.22 1284 19.72
Aug 3.26 0.82 0.86 6.48 1345 21.85
Sep 3.25 0.80 0.84 6.25 1348 22.58
Oct 3.26 0.82 0.85 6.38 1314 21.91
Nov 3.21 0.79 0.85 6.23 1277 20.77
Dec 3.27 0.79 0.90 6.31 1222 19.61
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
m-t-d Apr 3.01 0.81 0.90 7.38 1300 19.90
Forecast
2014 3.20 0.79 0.95 6.80 1275 20.50
2015 3.10 0.84 0.95 7.00 1200 20.50
Commodity price forecasts are by BMO Capital Markers Economics and are independent of those used by BMO CM Equity Research
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