Commodities Forecasts

 

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Energy 30-May-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
Brent: USD / b 120.10 120.0 120.0 115.0 110.0 100.0 100.0 90.0
WTI: USD / b 116.09 115.0 115.0 110.0 100.0 95.0 95.0 90.0

Source: Bloomberg, Emirates NBD Research.

Precious Metals 30-May-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
Gold: USD / troy oz 1,860.24 1,920.00 1,875.00 1,850.00 1,900.00 1,950.00 2,000.00 2,100.00
Silver: USD / troy oz 22.20 25.00 25.00 22.00 20.00 18.00 17.50 17.00
Platinum: USD / troy oz 960.51 1,100.00 1,100.00 1,000.00

950.00

950.00 900.00 900.00
Palladium: USD /troy oz 2,073.50 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 30-May-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
Aluminium: USD / tonne 2,871.50 3,500.00 3,500.00 3,250.00 3,000.00 2,900.00 2,850.00 2,500.00
Copper: USD / tonne 9,459.00 10,000.00 10,000.00 10,000.00 9,000.00 8,500.00 8,500.00 8,000.00
Lead: USD / tonne 2,159.00 2,345.64 2,345.64 2,345.64 2,228.36 2,166.46 2,166.46 2,102.74
Nickel: USD / tonne 28,284.00 30,000.00 35,000.00 30,000.00 27,500.00 25,000.00 22,500.00 22,000.00
Tin: USD / tonne 34,106.00 40,000.00 45,000.00 33,000.00 32,750.00 32,500.00 32,500.00 32,000.00
Zinc: USD / tonne 3,843.50 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.