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Commodities Forecasts

 

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Energy 26-Sep-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Brent: USD / b 85.59 100.00 100.00 95.00 100.00 110.00 115.00 115.00
WTI: USD / b 78.29 95.00 90.00 90.00 95.00 95.00 100.00 100.00

Source: Bloomberg, Emirates NBD Research.

Precious Metals 26-Sep-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Gold: USD / troy oz 1,646.81 1,730.00 1,650.00 1,650.00 1,700.00 1,750.00 1,800.00 1,900.00
Silver: USD / troy oz 18.73 19.00 20.00 20.00 18.00 17.50 17.00 17.00
Platinum: USD / troy oz 863.10 890.00 800.00 750.00 800.00 825.00 850.00 900.00
Palladium: USD /troy oz 2,092.10 2,070.00 1,900.00 1,800.00 1,800.00 1,850.00 1,900.00 2,000.00

Source: Bloomberg, Emirates NBD Research.

Industrial Metals 26-Sep-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Aluminium: USD / tonne 2,165.00 2,400.00 2,200.00 2,000.00 1,900.00 2,000.00 2,100.00 2,200.00
Copper: USD / tonne 7,433.00 7,500.00 7,250.00 7,000.00 7,000.00 7,250.00 7,500.00 7,850.00
Lead: USD / tonne 1,804.00 1,970.00 1,937.17 1,903.77 1,903.77 1,937.76 1,971.17 2,063.16
Nickel: USD / tonne 23,411.00 22,000.00 22,000.00 20,000.00 20,000.00 22,500.00 22,000.00 22,000.00
Tin: USD / tonne 20,243.00 25,000.00 22,000.00 20,000.00 21,000.00 23,000.00 24,000.00 25,000.00
Zinc: USD / tonne 3,008.00 3,047.42 2,945.84 2,844.26 2,844.26 2,945.84 3,047.42 3,189.64

Source: Bloomberg, Emirates NBD Research.