BofA Cuts Price Forecast For Most Commodities Including Copper, Lead, Zinc and Nickel for 2023 and 2024

BofA Global Research lowers its price forecasts for most commodities in 2023:

The nickel price forecast in 2023 was lowered to $22,063/mt from the previous forecast of $23,222/mt; the nickel price forecast in 2024remained unchanged at $21,250/mt.

The copper price forecast was lowered to $8,788/mt in 2023, from a previous forecast of $9,427/mt; the copper price forecast was lowered to $9,750/mt in 2024, from a previous forecast of $9,875/mt.

The zinc price forecast in 2023 was lowered to $2,603/mt from the previous forecast of $2,905/mt; the zinc price forecast in 2024 was lowered to $2,375/mt from the previous forecast of $2,500/mt.

It lowered its forecast for lead prices in 2023 to $2,087/mt from a previous estimate of $2,108/mt.