According to SMM, JP Morgan stated that it remains bullish on the prices of base metals in 2025. JP Morgan expressed its belief that the quarterly peak averages of copper and aluminum in 2025 will be US$11,500 and US$2,800 per ton respectively. It said that the long-term supply shortage of copper, coupled with declining inventories and a recovering manufacturing sector, will support bullish forecasts, with the third-quarter peak average reaching US$11,500 per ton in 2025. "Aluminum prices are expected to rise towards a peak of US$2,800 per ton in the third quarter of 2025.