JP Morgan says it turns bearish on base metals costs in the near-term

JP Morgan says it has turned bearish on base metallic costs within the close to time period

• forecast 2q25 averages of $eight,300/MT for copper and common value of $eight,812/MT for 2025

Aluminium:

• 2q25 averages of $2,200/MT and a median value of $2,369/MT for 2025

Nickel:

• common $14,000/MT in 2q25, with a median value of $15,020/MT for 2025

Zinc:

• common $2,500/MT in 2q25 for zinc, with a median value of $2,646/MT for 2025

JPM cite weaker demand forecasts, notably in Asia ex-China

• decrease demand forecasts, pushed by world commerce disruptions, decreased demand from electrical automobiles

• tariff-driven cuts to financial development forecasts, elevated chance of recession this yr results in steep cuts to metals demand forecasts

This text was written by Aaron Cutchburt at www.ubaidahsan.com.



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