JP MORGAN SAYS PROGRESSIVELY LOOSER SUPPLY DYNAMICS KEEP ZINC PRICES RELATIVELY CAPPED IN THE COMING YEARS
Nov 26 (Reuters) -JP MORGAN:
MAINTAINS ITS MULTI-YEAR BULLISH OUTLOOK ON GOLD, FORECASTING PRICES TO RISE TOWARDS $3,000/OZ NEXT YEAR
SAYS PRECIOUS RALLY TO RUMBLE ON; CONSTRAINED SUPPLY SETS THE STAGE FOR STRONGER BASE METALS PRICES LATER IN 2025
SEES SILVER PRICES TOWARDS $38/OZ BY YEAR-END 2025
SEES A STRONG RALLY TOWARDS $1,200/OZ FOR LAGGING PLATINUM
REMAIN TACTICALLY NEAR-TERM BEARISH ON BASE METALS AS PRICING IN OF A CHINA TARIFF RISK PREMIUM LIKELY STILL HAS FURTHER TO RUN OVER THE COMING MONTHS
SEES PRICES IN A RANGE AROUND $16,000/MT IN 2025 FOR NICKEL
FORECASTS ALUMINUM PRICES HIGHER TOWARDS $2,850/MT OVER 2H25
SAYS MEDIUM-TERM FUNDAMENTALS IN COPPER, ALUMINUM REMAIN BULLISH, SETTING UP A V-SHAPED RECOVERY LATER IN 2025
SAYS COPPER PRICES LIKELY HAVE FURTHER TO FALL IN THE NEAR TERM
SEES COPPER PRICES BACK UP TOWARDS $10,400/MT BY 4Q25
SAYS PROGRESSIVELY LOOSER SUPPLY DYNAMICS KEEP ZINC PRICES RELATIVELY CAPPED IN THE COMING YEARS
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