Duluth Metals Ltd DULMF

CIBC World Markets

[retiredcf]

Although DM isn't specifically mentioned as they don't cover it, this may be part of the problem. Taken from last night's report. GLTA

 

 

Executive Summary: Revising Base Metals Price Deck

Lowering Our Price Deck To Reflect Ongoing Euro Crisis/Slower Chinese Growth

? Despite a gloomy short-term economic outlook, base metals companies remain financially intact with solid balance sheets even under a worst-case scenario of US$2.50/lb. copper. We believe there is significant room for further share price appreciation by year-end given current valuations.

? We are adjusting our short-/medium-term commodities price forecast, most notably lowering our 2012 copper price to US$3.55/lb. (from US$4.00/lb.) to reflect ongoing issues in Europe and slower growth in China. We forecast stronger copper prices in Q4/12, and maintain our long-term price outlook.

? We are also lowering our zinc, nickel, aluminum, molybdenum and coal prices for 2012 and 2013 to reflect worsening market sentiment towards the basic materials space as a result of ongoing issues in Greece and Spain, and declining demand from China.

? We have lowered our price targets for Capstone, First Quantum, HudBay, Imperial, Inmet, Katanga, Lundin, Mirabela, Mercator, Sherritt, Teck, Taseko and Western Copper, reflecting our revised commodities price deck and financing assumptions