Commerzbank Lowers Price Forecast for Copper, Aluminium, Zinc and Nickel for 2023 and 2024

Published: Jun 8, 2023 11:46

Save

According to foreign news on May 31, Commerzbank said that it expects copper prices to stand at $9,000/mt at the end of 2023 and at $9,400/mt at the end of 2024.

This is down from its previous estimates of $10,000/mt at end-2023 and end-2024.

The bank expects aluminium prices to climb to $2,600/mt by the end of 2023 and $2,800/mt by the end of 2024. The previous forecast was $2,800/mt and $3,000/mt, respectively).

Commerzbank expects zinc prices to be $2,500/mt by the end of 2023 and $2,700/mt by the end of 2024. Both of the previous forecasts were $3,400/mt).

Nickel prices will stand at $23,000/mt by the end of 2023, down from the previous forecast of $29,000/mt, before falling to $20,000/mt (the previous forecast was $26,000/mt) by the end of 2024, the bank said.

More popular news:

SMM Daily Comments (Jun 5): Base Metals Mostly Fell, Ferrous Metals Bucked the Trend to Surge, Oil Gained Further on Saudi Arabia Output Cuts in July

SMM Daily Comments (Jun 6): Base Metals Mostly Rose, Iron ore Surged, Oil Plunged on Sluggish Overseas Economies

SMM Daily Comments (Jun 8): Base Metals Closed Mixed with SHFE Tin Plunging, Iron Ore Soared, Oil Rebounded

SMM Daily Comments (Jun 7): Base Metals Mostly Rose, Ferrous Metals Dropped, Oil down as Russia Dumps Cheap Oil

China Will Issue Massive Bills In Hong Kong This Year

Breaking News! What are the Signals from China’s Surprise Rate Cut besides the Aim of Lowering Financing Cost for Real Economy?

Global Manufacturing PMI Continued To Fall In May, Points To Downturn In Global Economy

SMM Indonesia Nickel and Cobalt Industry Chain Conference: Global Nickel & Cobalt Supply and Demand Prospect, Impact from NEV Development

Indonesia Will Launch Nickel Price Index Applied for Domestic Policies and Deter Export Duties on Nickel Products

Chilean Tax Hike Will Deter Copper and Lithium Mine Investment, Push Japanese Mining Companies to Other 24 Countries

Glencore to Aggressively Expand Copper Capacity

World Bank Raises Forecast for Global Economic Growth in 2023 with Significant Increase for China, Emphasises Dangers of A High-Interest Rate Environment, But Lowers Forecast for 2024

Commerzbank Lowers Price Forecast for Copper, Aluminium, Zinc and Nickel for 2023 and 2024

Rumours Say Glencore Will Raise Takeover Bid for Teck Resources, but Another Big Obstacle Lies Ahead

Commodity Price Bubble Finally Burst, but Metals Demand Will Surge

Futures market Market forecast

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

43 mins ago

Copper Prices Consolidate at Highs, Scrap Utilization Enterprise Quotations Polarize [SMM Secondary Copper Daily Review]

43 mins ago

1 hour ago

Tibet Summit Resources Reports Stable Operations and Increased Production at Tazhong Mining in 2026 Interim Report

On August 19, Tibet Summit Resources released its 2026 interim report. During the reporting period, operations at Tajikistan-based Tazhong Mining remained generally stable. The company completed 2.096 million tonnes of mining output, 1.647 million tonnes of ore output, and 1.647 million tonnes of ore processing, representing YoY increases of 15.53%, 9.99%, and 8.36%, respectively. Total contained metal production of lead, zinc, copper and silver reached 56,800 tonnes. The company also produced 4,361 tonnes of crude lead, 45.77 tonnes of copper matte, and 1,275 tonnes of electrolytic lead.

1 hour ago

3 hours ago

Supply Hard to Find in the Market, With the Center of Shanghai Spot Premiums Moving Higher [SMM Shanghai Spot Copper]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, intraday trading in the Shanghai spot market for copper cathode was relatively active, with purchase sentiment rebounding markedly. According to SMM, currently available cargo in the market is relatively tight. After the market entered the second trading session, low-priced cargo declined rapidly, and suppliers took the opportunity to raise their offers. On the one hand, recent port congestion has affected the pace of arrivals and warehousing for some imported copper, so imported supply has provided relatively limited replenishment to China’s spot market; on the other hand, as the export window for copper opens, some market participants have become more willing to export, which has also diverted some of the available cargo in China. In addition, rapid inventory drawdowns have further reinforced expectations of tight spot supply. Against this backdrop, suppliers are more inclined to hold prices firm and hold back from selling, while downstream buyers and traders still have restocking demand. Spot prices against the SHFE copper 2609 contract are expected to maintain a premium tomorrow, with the overall center likely to edge up. Copper prices remain at elevated absolute levels; if the premium continues to rise rapidly, downstream purchase willingness may be somewhat restrained, and the upside in the premium is expected to be relatively limited.

3 hours ago