BMO Capital Markets Economics: Updated Forecasts

	Copper	Alum- inum	Zinc	Nickel	Gold	Silver

	US$/lb				US$/oz

2000	0.82	0.70	0.51	3.91	279	4.96

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

y-t-d 2013	3.57	0.90	0.91	7.78	1620	29.74

Apr '12	3.75	0.93	0.91	8.12	1649	31.56

May	3.59	0.91	0.88	7.72	1585	28.69

Jun	3.37	0.85	0.84	7.50	1596	28.07

Jul	3.44	0.85	0.84	7.33	1593	27.44

Aug	3.40	0.83	0.82	7.10	1626	28.71

Sep	3.66	0.93	0.91	7.81	1742	33.62

Oct	3.66	0.90	0.87	7.82	1746	33.17

Nov	3.49	0.88	0.86	7.39	1724	32.77

Dec	3.61	0.95	0.92	7.89	1686	31.87

Jan '13	3.65	0.92	0.92	7.92	1672	31.11

Feb	3.66	0.93	0.97	8.04	1631	30.30

Mar	3.48	0.87	0.88	7.59	1591	28.80

m-t-d Apr	3.38	0.84	0.84	7.30	1552	27.38

Forecast
2013	3.53	0.91	0.93	8.09	1557	28.72

2014	3.65	1.00	1.06	8.57	1524	27.02



Commodity price forecasts are by BMO Capital Markers Economics and are independent of those used by BMO CM Equity Research


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