(Reuters) - The wealth management arm of Swiss investment bank UBS has boosted its 12-month copper forecast to $6,700 a tonne from $5,500 on growing challenges to mine supply.
"Mine supply challenges from various directions are likely to reverse the copper price decline in recent months. We raise our 12-month forecast to $6,700/mt from $5,500/mt," it said in a note dated Feb. 27.
UBS Wealth management is an independent unit of the bank, which creates its own forecasts. UBS cut its copper price target for 2015 to $2.65 a pound ($5,842 a tonne) in mid February due to a deterioration in short-term fundamentals.