Emirates NBD Research
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Commodities Forecasts
| 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.