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LONDON (Scrap Monster): Zurich based investment bank UBS AG (SIX: UBSN, NYSE: UBS) cuts its 2012 average price forecast for aluminum by 1 cent per pound to 93 cents a pound and raises its copper forecast to $3.61 per pound, up from $3.55.

According to UBS, the production cuts in response to weaker prices are less than expected in aluminum, while copper’s price forecast was raised on QE and tight copper supplies in China.

“Copper price estimates are raised 2 per cent/6 per cent in 2012/13. Iron ore is trimmed 5 per cent/2 per cent in 2012/13, and met-coal 5 per cent in 2012. We believe thermal coal has now largely rebalanced after widespread production cuts," they concluded.