Commodities May Gain 7% in 2012, Oil a Top Pick, UniCredit Says
January 19, 2012, 1:36 PM ESTBy Claudia Carpenter
Jan. 19 (Bloomberg) -- Commodities may gain 7 percent this year on emerging markets demand and “growing supply problems,” Unicredit SpA said.
Precious metals and oil are its favorites, and industrial metals will advance with the second quarter, Jochen Hitzfeld, an analyst at the bank, said in a report dated today. The copper price forecast was raised for this year to $8,400 a metric ton from $7,500 a ton, he said.
Brent will average a record $120 a barrel for the year, and the risk of oil going even higher has increased “significantly” because of Iran, Nigeria and Iraq, he said. Gold will average $1,800 an ounce this year, and rise even more next year on investor and central bank demand, he said.
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net
