Base metals prices rose significantly toward the end of August, with zinc leading the way by closing at US$3,117/t on Aug. 18. Other base metals, including aluminum, copper, lead and nickel, finished that same week strongly, evidenced by consensus prices that are forecast to increase this year to an average of US$0.86/lb, US$2.60/lb, US$1.00/lb and US$4.62/lb, respectively.
Consensus price forecasts for iron ore continue to remain positive at US$64.69/t for 2017 — a sentiment shared by J.P. Morgan Cazenove Ltd. and HSBC iron ore price outlook for 2017. However, long-term forecast prices for iron ore remain lackluster for 2018 and 2019 at US$59.43/t and US$58.61/t, respectively.
The average prices of tin and cobalt this year are forecast to rise to US$9.04/lb and US$22.84/lb, respectively, but a price decline is forecast for the two metals, with the tin price decreasing in 2018 and the cobalt price decreasing in 2019. On the other hand, consensus price forecasts for molybdenum and uranium are shown to rise this year, to US$7.42/lb and US$27.69/lb, respectively, and for each of the next two years.
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