Investing.com – reported A recent report by Fitch Credit Rating Agency The agency raised its forecasts for global copper and gold prices in 2024, but lowered its forecasts for nickel and aluminum prices.
In particular, in 2024, it is expected to reach $1,900 per ounce (previously – $1,800), in 2025 gold will reach $1,800 per ounce (previously – $1,600), while in 2026 it is expected to reach $1,600 (previously – $1,500), according to the agency’s report.
The report also added that in 2027, the level of $1,500 per ounce is expected to be reached globally.
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“Gold’s rising outlook for 2024-2026 reflects the rising geopolitical premium due to the metal’s safe-haven status,” the report said.
Fitch also raised its outlook for the spot price of copper. In 2024, its price is expected to reach $8,400 per ton (previously $8,300). Price forecasts for 2025-2026 remained at $8,000 and $7,500 per ton, respectively.
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The report stated that the increase in price expectations for 2024 reflects supply-side disruptions and lower production guidance from producers, which, along with a recovery in demand outside China, will lead to a market deficit. Fitch noted that inventory levels remain very low.
The price forecast was also lowered to $2,300 per ton in 2024 (previously $2,350). While the aluminum price forecast for 2025 remained at 2,400 US dollars for 2026, and rose to 2,300 US dollars from 2,200 US dollars, respectively.
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