Commerzbank lifts copper price forecast for 2010

LONDON, Dec 2 (Reuters) - Commerzbank has increased its average copper price forecast for 2010 to $6,450 a tonne from $5,550, with 2009 investment inflows seen beating records set last year. The bank also revised 2009 forecasts. But the bank warned that prices could face "significant" corrections, should investors continue to ignore the absence of physical demand. "The absence of physical demand is being compensated for by investors," Commerzbank analysts said in a note on Wednesday. "Euphoria is dominating commodity markets ... this creates the risk of a significant price correction." In a Reuters survey in October, Commerzbank forecast copper at $5,550 a tonne next year, lead at $1,950, nickel at $17,800, and zinc at $2,050. In the same survey, Commerzbank forecast 2009 copper prices to average $4,900 a tonne, aluminium at $1,600, lead at $1,650, nickel at $14,500, tin at $13,300 and zinc at $1,550. Commerzbank forecast table: Current price 2009 forecasts 2010 forecast (tonnes) (tonnes) (tonnes) Copper $7,125 $5,100 $6,450 Aluminium $2,157 $1,650 $2,000 Lead $2,480 $1,700 $2,100 Tin $15,225 $13,500 $15,150 Zinc $2,420 $1,650 $2,200 Nickel $16,300 $14,600 $16,900 (Reporting by Michael Taylor; editing by Keiron Henderson)