Macquarie raises aluminum 2007 forecast to $1.17/lb basis cash, then softer for 2008 reflecting larger number of Chinese aluminum smelters. Cuts 2007 zinc price forecast to $1.70/lb basis cash after withdrawal of speculative longs in January, February; revises up expectations for 2011 to $1 reflecting expected closures of several existing mines due to reserve depletion. Lead forecast up at $73.3, with series of mine supply disruptions expected to leave 2007 market in deficit. LME 3-month aluminum last trades at $2,793/ton, down $20 vs Friday PM kerb, zinc at $3,250, up $5, lead at $1,925, down $1.
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