SYDNEY （Dow Jones）--Commodity analysts sharply upgraded their outlooks for mined commodity prices over the coming 12 months, as expectations of a recovering global economy increase demand for industrial materials.
In revised price forecasts, Macquarie and Morgan Stanley predicted that copper and uranium would see the strongest rises above current expectations and market prices.
Thermal coal, silver and palladium also saw their price outlooks upgraded sharply by both houses, although full-year prices are expected to average below or close to current market prices.
Decent rises were also seen for aluminum and iron ore, although gold and hard coking coal--commodities which have been the subject of investor interest in recent months due to fears over sovereign debt and supply disruptions in Australia's coal belt--were seen relatively flat.
"It does appear that industrial production in the developed world will prove to be stronger than we had previously anticipated heading into 2011," Macquarie said.
"And while significant risks remain, it must be recognised that industrial activity in troubled areas has generally proven to be more resilient despite the headwinds of the European sovereign debt issues and slow U.S. employment growth."
Morgan Stanley raised its estimate for copper and thermal coal prices by a quarter, lifted its iron ore and silver outlooks by around 30%, and added around 40% to its expectations for uranium and palladium prices.
Macquarie raised its forecasts for copper, aluminum and silver by around a third and pushed up its estimates for gold, iron ore and hard coking coal by 10%-15%.
Morgan Stanley said a major factor in its revised prices was also a change in their forecast models.
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