Emirates NBD Research
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Commodities Forecasts
| Energy | 28-Jul-22 | Sep-22 | Dec-22 | Mar-22 | Jun-23 | Sep-23 | Dec-23 | Mar-24 |
|---|---|---|---|---|---|---|---|---|
| Brent: USD / b | 108.07 | 120.0 | 115.0 | 110.0 | 100.0 | 100.0 | 90.0 | 90.0 |
| WTI: USD / b | 99.05 | 115.0 | 110.0 | 100.0 | 95.0 | 95.0 | 90.0 | 90.0 |
Source: Bloomberg, Emirates NBD Research.
| Precious Metals | 28-Jul-22 | Sep-22 | Dec-22 | Mar-22 | Jun-23 | Sep-23 | Dec-23 | Mar-24 |
|---|---|---|---|---|---|---|---|---|
| Gold: USD / troy oz | 1,745.76 | 1,800.00 | 1,850.00 | 1,900.00 | 1,950.00 | 2,000.00 | 2,100.00 | 2,200.00 |
| Silver: USD / troy oz | 19.42 | 19.00 | 20.00 | 20.00 | 18.00 | 17.50 | 17.00 | 16.00 |
| Platinum: USD / troy oz | 896.30 | 950.00 | 950.00 | 900.00 | 925.00 | 900.00 | 900.00 | 900.00 |
| Palladium: USD /troy oz | 2,087.90 | 2,400.00 | 2,400.00 | 2,350.00 | 2,200.00 | 2,000.00 | 2,200.00 | 1,900.00 |
Source: Bloomberg, Emirates NBD Research.
| Industrial Metals | 28-Jul-22 | Sep-22 | Dec-22 | Mar-22 | Jun-23 | Sep-23 | Dec-23 | Mar-24 |
|---|---|---|---|---|---|---|---|---|
| Aluminium: USD / tonne | 2,422.50 | 2,400.00 | 2,400.00 | 2,350.00 | 2,200.00 | 2,000.00 | 2,000.00 | 1,900.00 |
| Copper: USD / tonne | 7,637.50 | 7,500.00 | 7,250.00 | 7,000.00 | 7,000.00 | 7,250.00 | 7,500.00 | 9,000.00 |
| Lead: USD / tonne | 2,013.00 | 1,970.00 | 1,937.17 | 1,903.77 | 1,903.77 | 1,937.76 | 1,971.17 | 2,207.00 |
| Nickel: USD / tonne | 21,813.00 | 22,000.00 | 20,000.00 | 20,000.00 | 20,000.00 | 22,500.00 | 22,000.00 | 22,000.00 |
| Tin: USD / tonne | 24,344.00 | 25,000.00 | 35,000.00 | 32,750.00 | 32,500.00 | 32,500.00 | 32,000.00 | 30,000.00 |
| Zinc: USD / tonne | 3,054.00 | 3,047.42 | 2,945.84 | 2,844.26 | 2,844.26 | 2,945.84 | 3,047.42 | 3,350.00 |
Source: Bloomberg, Emirates NBD Research.