Emirates NBD Research
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Commodities Forecasts
| Energy | 27-Apr-22 | Jun-22 | Sep-22 | Dec-22 | Mar-23 | Jun-23 | Sep-23 | Dec-23 |
|---|---|---|---|---|---|---|---|---|
| Brent: USD / b | 105.35 | 120.0 | 120.0 | 115.0 | 110.0 | 100.0 | 100.0 | 90.0 |
| WTI: USD / b | 101.86 | 115.0 | 115.0 | 110.0 | 100.0 | 95.0 | 95.0 | 90.0 |
Source: Bloomberg, Emirates NBD Research.
| Precious Metals | 27-Apr-22 | Jun-22 | Sep-22 | Dec-22 | Mar-23 | Jun-23 | Sep-23 | Dec-23 |
|---|---|---|---|---|---|---|---|---|
| Gold: USD / troy oz | 1,899.83 | 2,000.00 | 2,000.00 | 1,950.00 | 1,950.00 | 1,900.00 | 1,850.00 | 1,800.00 |
| Silver: USD / troy oz | 23.57 | 25.00 | 25.00 | 22.00 | 20.00 | 18.00 | 17.50 | 17.00 |
| Platinum: USD / troy oz | 926.46 | 1,100.00 | 1,100.00 | 1,000.00 | 950.00 |
950.00 | 900.00 | 900.00 |
| Palladium: USD /troy oz | 2,209.25 | 3,000.00 | 3,250.00 | 3,500.00 | 3,500.00 | 3,250.00 | 3,250.00 | 3,000.00 |
Source: Bloomberg, Emirates NBD Research.
| Industrial Metals | 27-Apr-22 | Jun-22 | Sep-22 | Dec-22 | Mar-23 | Jun-23 | Sep-23 | Dec-23 |
|---|---|---|---|---|---|---|---|---|
| Aluminium: USD / tonne | 3,064.50 | 3,500.00 | 3,500.00 | 3,250.00 | 3,000.00 | 2,900.00 | 2,850.00 | 2,500.00 |
| Copper: USD / tonne | 9,860.00 | 10,000.00 | 10,000.00 | 10,000.00 | 9,000.00 | 8,500.00 | 8,500.00 | 8,000.00 |
| Lead: USD / tonne | 2,320.00 | 2,345.64 | 2,345.64 | 2,345.64 | 2,228.36 | 2,166.46 | 2,166.46 | 2,102.74 |
| Nickel: USD / tonne | 33,076.00 | 30,000.00 | 35,000.00 | 30,000.00 | 27,500.00 | 25,000.00 | 22,500.00 | 22,000.00 |
| Tin: USD / tonne | 40,543.00 | 40,000.00 | 45,000.00 | 33,000.00 | 32,750.00 | 32,500.00 | 32,500.00 | 32,000.00 |
| Zinc: USD / tonne | 4,183.50 | 3,686.87 | 3,686.87 | 3,686.87 | 3,318.18 | 3,133.84 | 3,133.84 | 2,949.49 |
Source: Bloomberg, Emirates NBD Research.