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December 19, 2018
Base & Precious Metals

Commodity Forecasts
Copper Alum-
inum
Zinc Nickel Gold Silver
US$/lb US$/oz
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
2014 3.11 0.85 0.98 7.65 1266 19.08
2015 2.50 0.75 0.88 5.37 1160 15.70
2016 2.21 0.73 0.95 4.35 1248 17.10
2017 2.80 0.89 1.31 4.72 1258 17.06
y-t-d 2018 2.97 0.96 1.33 5.99 1269 15.73
Dec '17 3.08 0.94 1.45 5.17 1266 16.16
Jan '18 3.21 1.00 1.56 5.84 1333 17.19
Feb 3.18 0.99 1.61 6.16 1334 16.65
Mar 3.08 0.94 1.49 6.08 1326 16.47
Apr 3.10 1.02 1.45 6.32 1334 16.60
May 3.09 1.04 1.39 6.51 1304 16.45
Jun 3.15 1.02 1.40 6.85 1282 16.51
Jul 2.83 0.95 1.21 6.25 1238 15.71
Aug 2.74 0.93 1.14 6.09 1202 15.00
Sep 2.73 0.92 1.10 5.68 1199 14.27
Oct 2.82 0.92 1.21 5.59 1215 14.58
Nov 2.81 0.88 1.18 5.10 1221 14.36
m-t-d Dec 2.80 0.88 1.21 4.94 1241 14.51
Forecast
2018 2.96 0.96 1.33 5.95 1270 15.70
2019 3.15 1.00 1.32 5.70 1285 16.25
Commodity price forecasts are by BMO Capital Markers Economics and are independent of those used by BMO CM Equity Research
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