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

JP Morgan says it has turned bearish on base metal prices in the near term

• forecast 2q25 averages of $8,300/MT for copper and average price of $8,812/MT for 2025

Aluminium:

• 2q25 averages of $2,200/MT and an average price of $2,369/MT for 2025

Nickel:

• average $14,000/MT in 2q25, with an average price of $15,020/MT for 2025

Zinc:

• average $2,500/MT in 2q25 for zinc, with an average price of $2,646/MT for 2025

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

• lower demand forecasts, driven by global trade disruptions, reduced demand from electric vehicles

• tariff-driven cuts to economic growth forecasts, increased probability of recession this year leads to steep cuts to metals demand forecasts

This article was written by Eamonn Sheridan at www.forexlive.com.