Commodities Forecasts

 

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Energy 23-Sep-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
Brent: USD / b 76.34 70.00 70.00 67.00 67.00 65.00 60.00 60.00
WTI: USD / b 72.36 65.00 65.00 65.00 65.00 62.50 60.00 58.00

Source: Bloomberg, Emirates NBD Research.

Precious Metals 23-Sep-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
Gold: USD / troy oz 1766.54 1,700.00 1650.00 1,600.00 1,600.00 1,550.00 1,550.00 1,500.00
Silver: USD / troy oz 22.70 23.00 20.00 20.00 20.00 18.00 18.00 18.00
Platinum: USD / troy oz 1,003.33 1,200.00 1,200.00 1,250.00 1,250.00 1,275.00 1,275.00 1,300.00
Palladium: USD /troy oz 2,036.00 2,500.00 2,750.00 2,750.00 2,600.00 2,500.00 2,250.00 2,200.00

Source: Bloomberg, Emirates NBD Research.

Industrial Metals 14-Jul-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
Aluminium: USD / tonne 2,935.00 2,600 2,500.00 2,400.00 2,250.00 2,250.00 2,000.00 1,900.00
Copper: USD / tonne 9,286.00 9,400.00 9,500.00 9,750.00 9,750.00 10,000.00 10,000.00 9,000.00
Lead: USD / tonne 2,113.50 2,107.55 2,118.76 2,146.63 2,146.63 2,174.16 2,174.16 2,174.16
Nickel: USD / tonne 19,221.00 19,000.00 18,500.00 18,500.00 18,000.00 18,000.00 18,000.00 18,000.00
Tin: USD / tonne 34,997.00 33,000.00 30,000.00 28,000.00 27,500.00 27,500.00 25,000.00 20,000.00
Zinc: USD / tonne 3,025.50 2,840.28 2,870.50 2,946.03 2,946.03 3,021.57 3,021.57 3,021.57

Source: Bloomberg, Emirates NBD Research.