...Changes from Previous Assumptions: Fitch Ratings' updated global commodity price assumptions include downward revisions for copper, aluminium, nickel and zinc. Prices for iron ore and gold are largely unchanged. Copper ¡ Modest Downward Revisions: We have lowered our London Metal Exchange (LME) copper price assumptions for 2016 and 2017 by USD500/tonne to USD5,500/tonne and USD6,000/tonne, respectively to reflect doubts about the strength of Chinese demand over the two years ¡ indicated by various end-use indicators so far in 2015. The comparatively modest revisions reflect our view that struggling mine supply (due to shutdowns, disruptions and project delays) will contribute to keeping the market close to balanced over this period. Aluminium ¡ Smelter Curtailments Needed: Fitch expects base LME aluminium prices to remain depressed over 2015-2017, with a flat price assumption of USD1,700/tonne. The negative price trend so far in 2015 reflects a surge in Chinese semis export, together with...
