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Commodities Forecasts

 

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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.