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Commodities Forecasts

 

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Energy 28-Jan-23 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24
Brent: USD / b 86.15 95.00 100.00 110.00 115.00 110.00 110.00 100.00
WTI: USD / b 80.38 90.00 95.00 95.00 100.00 100.00 100.00 90.00

Source: Bloomberg, Emirates NBD Research.

Precious Metals 28-Jan-23 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24
Gold: USD / troy oz 1,947.77 1,825.00 1,850.00 1,875.00 1,900.00 1,950.00 2,000.00 2,000.00
Silver: USD / troy oz 23.86 22.00 23.00 24.00 24.50 25.00 25.00 26.00
Platinum: USD / troy oz 1,041.22 950.00 990.00 1,000.00 1,050.00 1,050.00 1,075.00 1,100.00
Palladium: USD /troy oz 1,707.46 1,800.00 1,900.00 2,025.00 2,150.00 2,100.00 2,200.00 2,300.00

Source: Bloomberg, Emirates NBD Research.

Industrial Metals 28-Jan-23 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24
Aluminium: USD / tonne 2,658.50 2,250.00 2,100.00 2,000.00 2,100.00 2,200.00 2,400.00 2,500.00
Copper: USD / tonne 9,314.50 8,000.00 8,000.00 8,250.00 8,500.00 9,000.00 9,000.00 9,250.00
Lead: USD / tonne 2,160.50 2,092.52 2,092.52 2,125.22 2,157.42 2,220.87 2,220.87 2,251.72
Nickel: USD / tonne 29,182.00 23,000.00 23,000.00 22,500.00 22,000.00 23,000.00 24,000.00 24,000.00
Tin: USD / tonne 30,850.00 20,000.00 21,000.00 23,000.00 24,000.00 24,000.00 24,000.00 24,000.00
Zinc: USD / tonne 3,450.00 2,984.59 2,984.59 3,077.86 3,171.13 3,357.67 3,357.67 3,450.94

Source: Bloomberg, Emirates NBD Research.