SMM: Deutsche Bank expects the average price of copper to be $6000 / ton in 2020, $6450 / ton in 2021, and $1675 / ton of aluminum in 2020 and $1750 / ton in 2021.
The investment bank expects the average price of nickel to be $13600 / ton in 2020 and $17100 / tonne in 2021; the average price of zinc is expected to be $2225 / tonne in 2020 and $2375 / tonne in 2021; the average price of tin is expected to be $16800 / tonne in 2020 and $18400 / tonne in 2021; the average lead price is expected to be $1825 / tonne in 2020 and $1875 / tonne in 2021.

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![Month-end demand remains weak, end-user buying weakness pulls back North China premium slightly [SMM North China spot copper]](https://imgqn.smm.cn/usercenter/arNnt20251217171714.jpeg)
![Supply Recovery, Off-season Demand Weighs on Premiums [SMM Shandong Copper Cathode Spot Weekly Review]](https://imgqn.smm.cn/usercenter/vdbfy20251217171709.jpg)
![With weak downstream consumption at month-end, suppliers had to lower prices to sell. [SMM South China Spot Copper]](https://imgqn.smm.cn/usercenter/JopQJ20251217171712.jpg)
