Metal Products News
- Credit Suisse cuts Jiangxi Copper to neutral
Date: 28-Feb-2007 Sources: (Shenzhen Daily)
CREDIT Suisse has downgraded Jiangxi Copper Co. Ltd., the top integrated copper producer in China, to neutral from outperform on lower estimated copper prices.
The investment bank said yesterday that its global metals and mining team had cut the copper price forecast by 13 percent to US$2.83 a pound for 2007 and maintained its forecast of US$2.30 a pound for 2008. 'We revised Jiangxi Copper's earnings down by 9 percent in 2007 and up 19 percent for 2008,'it said in a research report. Credit Suisse estimated the implied copper price for Jiangxi Copper at US$2.50 a pound. This compared with the current spot copper price of around US$2.85 a pound in the U.S. market.
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