CITI Research Lowers Price Forecast for Nickel, Aluminium and Zinc in 2023-2024 But Bets on Higher Copper Prices

CITI Research lowered its 2023 zinc price forecast to $2,882/mt from $2,958/mt.

The bank revised down its 2023 aluminum price forecast from $2,561/mt to $2,475/mt; its 2024 aluminum price forecast from $2,900/mt to $2,800/mt; and its 2025 aluminum price forecast from $3,000/mt to $2,900/mt.

The bank revised down its 2023 nickel price forecast to $23,258/mt from $23,443/mt and lowered its 2024 nickel price forecast to $20,000/mt from $22,000/mt.

However, its 2023 copper price forecast was raised from $8,607/mt to $8,733/mt; the 2024 copper price forecast was raised from $9,000/mt to $10,000/mt; the 2025 copper price forecast was raised from $9,000/mt to $10,000/mt.

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