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July 24, 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 3.15 0.80 0.94 7.63 1294 20.16
Jul '13 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
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
m-t-d Jul 3.22 0.87 1.03 8.68 1318 21.04
Forecast
2014 3.15 0.82 0.96 8.15 1300 20.70
2015 3.05 0.85 0.99 10.50 1270 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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