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
