Emirates NBD Research
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Commodities Forecasts
| Energy | 28-Oct-21 | Dec-21 | Mar-22 | Jun-22 | Sep-22 | Dec-22 | Mar-23 | Jun-23 |
|---|---|---|---|---|---|---|---|---|
| Brent: USD / b | 82.97 | 80.00 | 75.00 | 70.00 | 67.50 | 60.00 | 60.00 | 60.00 |
| WTI: USD / b | 81.15 | 78.00 | 72.50 | 70.00 | 65.00 | 60.00 | 58.00 | 58.00 |
Source: Bloomberg, Emirates NBD Research.
| Precious Metals | 28-Oct-21 | Dec-21 | Mar-22 | Jun-22 | Sep-22 | Dec-22 | Mar-23 | Jun-23 |
|---|---|---|---|---|---|---|---|---|
| Gold: USD / troy oz | 1,802.08 | 1,650.00 | 1,600.00 | 1,600.00 | 1,550.00 | 1,550.00 | 1,500.00 | 1,500.00 |
| Silver: USD / troy oz | 24.08 | 20.00 | 20.00 | 20.00 | 18.00 | 18.00 | 18.00 | 18.00 |
| Platinum: USD / troy oz | 1,017.43 | 1,200.00 | 1,250.00 | 1,250.00 | 1,275.00 | 1,275.00 | 1,300.00 | 1,300.00 |
| Palladium: USD /troy oz | 1,983.70 | 2,750.00 | 2,750.00 | 2,600.00 | 2,500.00 | 2,250.00 | 2,200.00 | 2,200.00 |
Source: Bloomberg, Emirates NBD Research.
| Industrial Metals | 28-Oct-21 | Dec-21 | Mar-22 | Jun-22 | Sep-22 | Dec-22 | Mar-23 | Jun-23 |
|---|---|---|---|---|---|---|---|---|
| Aluminium: USD / tonne | 2,686.00 | 2,500 | 2,400.00 | 2,250.00 | 2,250.00 | 2,000.00 | 1,900.00 | 1,900.00 |
| Copper: USD / tonne | 9,548.00 | 9,500.00 | 9,750.00 | 9,750.00 | 10,000 | 10,000 | 9,000 | 9,000.00 |
| Lead: USD / tonne | 2,384.50 | 2,118.76 | 2,146.63 | 2,146.63 | 2,174.16 | 2,174.16 | 2,174.16 | 2,174.16 |
| Nickel: USD / tonne | 19,412.00 | 18,500.00 | 18,500.00 | 18,500.00 | 18,000.00 | 18,000.00 | 18,000.00 | 18,000.00 |
| Tin: USD / tonne | 35,390.00 | 30,000.00 | 28,000.00 | 27,500.00 | 27,500.00 | 25,000.00 | 20,000.00 | 20,000.00 |
| Zinc: USD / tonne | 3,335.00 | 2,870.50 | 2,946.03 | 2,946.03 | 3,021.57 | 3,021.57 | 3,021.57 | 3,021.57 |
Source: Bloomberg, Emirates NBD Research.