The Apple Inc. (NASDAQ:AAPL) iPhone Mini may launch next month according to a new report from Topeka Capital Markets. One analyst, who recently met up with some of the contacts from the far east, predicts a cheaper phone made with a subtle tapered plastic shell and could come in five colors. There are leaked photos showing a similar device.

Apple iPhone Mini

The analyst explained in a note, ““Regarding Apple Inc. (NASDAQ:AAPL), we uncovered more data points around the ‘iPhone mini’ (i.e., lower priced iPhone) that suggest a launch is imminent and possibly in July. We spotted an ‘iPhone mini’ accessory at today’s show. Essentially, the ‘iPhone mini’ body is slightly thicker than the iPhone 5 and the four corners have a more tapered rounding, the edges are less defined but the length is identical (including a four-inch display). Also, as we indicated earlier this week, the ‘iPhone mini’ is expected to come in five colors (i.e., white, black, pink, blue and yellow) and the back will be made of plastic.”

Apple iPhone Mini Price:

The iPhone Mini is predicted to cost somewhere between $350 and $400. This is before the subsidies and taxes.

Apple Inc. (NASDAQ:AAPL)’s biggest competitor Samsung already has a budget version of the Samsung Galaxy S4. It’s crucial that these tech giants make lower cost phones in order to tap into the budget phone market.

The iPhone 5S is also expected to arrive within the next few months. Later on this month, Apple Inc. (NASDAQ:AAPL) will hold their Worldwide Developers Conference where they will introduce iOS 7, which should provide some insight as to what we can expect from the upcoming gadget.

Apple Inc. (NASDAQ:AAPL) usually remains mum about their upcoming devices, so we won’t be hearing of a confirmation until Apple is ready to unveil their next product.

For now, Apple Inc. (NASDAQ:AAPL)’s  main concern could be how to keep interest in both the iPhone 5S and iPhone Mini.