Commodities Forecasts

 

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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.