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Fitch projects spot nickel prices at the London Metal Exchange (LME) this year at $24k per ton rather than $25k, $20k per ton in 2023, and $17k in 2024. The downgrade, according to Fitch, indicates declining demand from the stainless steel industry.
The agency reduced its projections for zinc prices in the following years, from $3.6k per ton for the present year to $3.4k and from $3k to $2.8k for 2023. The agency has maintained its 2024 prediction of $2,5k. The revised forecast take into account pressures from the recession and higher prices, as well as demand-decreasing energy difficulties.
At the end of this year, the spot price of aluminum is anticipated to be $2k per ton. Aluminum is anticipated to rise from $2k to $2k in 2023. Forecast for 2024 remained at 2,5k. A decrease in the demand for this kind of raw material, particularly as a result of the fragility of the Chinese building sector, is what accounts for the lowering of aluminum price projections for 2022–2023.
In 2022, copper will cost $8.7k per ton on the LME rather than the previously anticipated $9.5k. The $8,5k forecast for 2023 was changed to $8k. The short-term revisions take into account the global economic slowdown and projections of weaker demand, which are anticipated to result in a modest surplus in 2023, according to Fitch.
The price of gold is still expected to reach $1.8k per troy ounce in 2022, $1.6k in 2023, and $1.4k in 2024, according to Fitch. Forecasts for gold prices have been consistent because the commodity serves as a "safe haven" in times of extreme geopolitical unpredictability and inflationary pressure.
source: fitchratings.com
The agency reduced its projections for zinc prices in the following years, from $3.6k per ton for the present year to $3.4k and from $3k to $2.8k for 2023. The agency has maintained its 2024 prediction of $2,5k. The revised forecast take into account pressures from the recession and higher prices, as well as demand-decreasing energy difficulties.
At the end of this year, the spot price of aluminum is anticipated to be $2k per ton. Aluminum is anticipated to rise from $2k to $2k in 2023. Forecast for 2024 remained at 2,5k. A decrease in the demand for this kind of raw material, particularly as a result of the fragility of the Chinese building sector, is what accounts for the lowering of aluminum price projections for 2022–2023.
In 2022, copper will cost $8.7k per ton on the LME rather than the previously anticipated $9.5k. The $8,5k forecast for 2023 was changed to $8k. The short-term revisions take into account the global economic slowdown and projections of weaker demand, which are anticipated to result in a modest surplus in 2023, according to Fitch.
The price of gold is still expected to reach $1.8k per troy ounce in 2022, $1.6k in 2023, and $1.4k in 2024, according to Fitch. Forecasts for gold prices have been consistent because the commodity serves as a "safe haven" in times of extreme geopolitical unpredictability and inflationary pressure.
source: fitchratings.com
