J.P. Morgan slashes 2013 metals forecasts

LONDON (MarketWatch) -- Analysts at J.P. Morgan Cazenove on Tuesday lowered the price forecasts for most metals, including cutting the outlook for gold in 2013 to $1,595 an ounce from $1,745 expected previously. In the short term, the analysts slashed the gold outlook 18% to $1,450 in the second quarter, while lowering the 2015 forecast by 5% to $1,650 an ounce. The copper outlook for 2013 was cut 4% to $3.50 a pound, or $7,707 per tonne from $8,032 per tonne expected previously. For silver, the 2013 forecast was cut to $27.89 an ounce from $30.01. Gold for August delivery lost $8.60 to $1,379.20 an ounce in Tuesday's trade, while Silver for July dropped 23 cents to $22.27 on ounce. July copper added 1 cent to $3.31 a pound.