Emirates NBD Research
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Commodities Forecasts
| Energy | 28-Sep-23 | Sep-23 | Dec-23 | Mar-24 | Jun-24 | Sep-24 | Dec-24 | Mar-25 |
|---|---|---|---|---|---|---|---|---|
| Brent: USD / b | 97.33 | 86.00 | 85.00 | 87.00 | 90.00 | 92.00 | 94.00 | 90.00 |
| WTI: USD / b | 94.54 | 82.00 | 80.00 | 85.00 | 85.00 | 90.00 | 90.00 | 85.00 |
Source: Bloomberg, Emirates NBD Research.
| Precious Metals | 28-Sep-23 | Sep-23 | Dec-23 | Mar-24 | Jun-24 | Sep-24 | Dec-24 | Mar-25 |
|---|---|---|---|---|---|---|---|---|
| Gold: USD / troy oz | 1,877.10 | 1,930.00 | 1,975.00 | 2,000.00 | 2,050.00 | 2,100.00 | 1,900.00 | 2,000.00 |
| Silver: USD / troy oz | 22.54 | 23.60 | 24.15 | 24.46 | 25.07 | 25.68 | 23.23 | 25.00 |
| Platinum: USD / troy oz | 895.24 | 933.00 | 1,050.00 | 1,050.00 | 1,075.00 | 1,100.00 | 1,100.00 | 1,200.00 |
| Palladium: USD /troy oz | 1,229.78 | 1,250.00 | 1,350.00 | 1,400.00 | 1,400.00 | 1,450.00 | 1,450.00 | 1,475.00 |
Source: Bloomberg, Emirates NBD Research.
| Industrial Metals | 28-Sep-23 | Sep-23 | Dec-23 | Mar-24 | Jun-24 | Sep-24 | Dec-24 | Mar-25 |
|---|---|---|---|---|---|---|---|---|
| Aluminium: USD / tonne | 2,238.00 | 2,200.00 | 2,300.00 | 2,350.00 | 2,400.00 | 2,500.00 | 2,500.00 | 2,600.00 |
| Copper: USD / tonne | 8,114.00 | 8,400.00 | 8,750.00 | 9,000.00 | 9,000.00 | 9,250.00 | 9,250.00 | 9,500.00 |
| Lead: USD / tonne | 2,153.00 | 2,160.00 | 2,205.00 | 2,236.50 | 2,236.50 | 2,267.56 | 2,267.56 | 2,298.21 |
| Nickel: USD / tonne | 19,003.00 | 20,660.00 | 22,000.00 | 23,000.00 | 24,000.00 | 24,000.00 | 24,500.00 | 25,000.00 |
| Tin: USD / tonne | 25,650.00 | 26,855.00 | 27,000.00 | 28,500.00 | 28,500.00 | 29,000.00 | 29,000.00 | 28,000.00 |
| Zinc: USD / tonne | 2,476.50 | 2,440.00 | 2,541.67 | 2,614.29 | 2,614.29 | 2,686.90 | 2,686.90 | 2,759.52 |
Source: Bloomberg, Emirates NBD Research.