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Commodities Forecasts

 

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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.