Emirates NBD Research
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Commodities Forecasts
| Energy | 14-Jul-21 | Sep-21 | Dec-21 | Mar-22 | Jun-22 | Sep-22 | Dec-22 | Mar-23 |
|---|---|---|---|---|---|---|---|---|
| Brent: USD / b | 76.39 | 70.00 | 70.00 | 70.00 | 70.00 | 65.00 | 62.50 | 60.00 |
| WTI: USD / b | 75.08 | 65.00 | 65.00 | 65.00 | 65.00 | 62.50 | 60.00 | 58.00 |
Source: Bloomberg, Emirates NBD Research.
| Precious Metals | 14-Jul-21 | Sep-21 | Dec-21 | Mar-22 | Jun-22 | Sep-22 | Dec-22 | Mar-23 |
|---|---|---|---|---|---|---|---|---|
| Gold: USD / troy oz | 1813.73 | 1,700.00 | 1650.00 | 1,600.00 | 1,600.00 | 1,550.00 | 1,550.00 | 1,500.00 |
| Silver: USD / troy oz | 26.10 | 23.00 | 20.00 | 20.00 | 20.00 | 18.00 | 18.00 | 18.00 |
| Platinum: USD / troy oz | 1,113.15 | 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 | 2,835.29 | 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 | 2,535.50 | 2,200.00 | 2,100.00 | 2,100.00 | 2,000.00 | 2,000.00 | 1,950.00 | 1,900.00 |
| Copper: USD / tonne | 9,412.50 | 8,250.00 | 8,500.00 | 8,500.00 | 8,750.00 | 8,750.00 | 8,750.00 | 9,000.00 |
| Lead: USD / tonne | 2,311.00 | 1,980.69 | 2,010.70 | 2,010.70 | 2,040.27 | 2,040.27 | 2,040.27 | 2,040.27 |
| Nickel: USD / tonne | 18,778.00 | 16,500.00 | 17,000.00 | 17,250.00 | 17,250.00 | 17,500.00 | 17,500.00 | 18,000.00 |
| Tin: USD / tonne | 32,381.00 | 22,000.00 | 22,000.00 | 21,000.00 | 20,000.00 | 20,000.00 | 20,000.00 | 20,000.00 |
| Zinc: USD / tonne | 2,934.50 | 2,492.80 | 2,568.34 | 2,568.34 | 2,643.88 | 2,643.88 | 2,643.88 | 2,643.88 |
Source: Bloomberg, Emirates NBD Research.