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Investment bank BMO Capital Markets made some adjustments this week to its metals and mining outlook for the second half of the year, raising its forecasts almost across the board, raising its forecasts for nickel, aluminum, zinc and lead by 7-8%.
Cobalt prices are expected to move higher at the end of the year due to a strong cyclical and structural demand outlook, and the central bank is also more bullish on nickel, now expecting a deficit in 2021, compared with a surplus of 100,000 tonnes previously expected
.
Even iron ore prices – which have been above $200 a tonne this year – have been raised
.
BMO cut its forecast for steelmaking raw materials by a margin and sharply raised its forecast for hard coking coal, raising its forecast by 14 percent
.
With prices across all commodities rising sharply over the past year, a slowdown
is expected in the second half of the year.
"With global industrial production growth now peaking, the focus on industrial metals, base metals and commodities is now shifting to the duration
of price maintenance at current higher levels.
Demand momentum began to weaken, which was the main factor
in the expected decline in spot prices at the end of the year.
However, across the supply chain, the combination of pandemic-related issues and logistical constraints means that end-user inventory replenishment will take longer
.
”
Investment bank BMO Capital Markets made some adjustments this week to its metals and mining outlook for the second half of the year, raising its forecasts almost across the board, raising its forecasts for nickel, aluminum, zinc and lead by 7-8%.
Cobalt prices are expected to move higher at the end of the year due to a strong cyclical and structural demand outlook, and the central bank is also more bullish on nickel, now expecting a deficit in 2021, compared with a surplus of 100,000 tonnes previously expected
.
Even iron ore prices – which have been above $200 a tonne this year – have been raised
.
BMO cut its forecast for steelmaking raw materials by a margin and sharply raised its forecast for hard coking coal, raising its forecast by 14 percent
.
With prices across all commodities rising sharply over the past year, a slowdown
is expected in the second half of the year.
"With global industrial production growth now peaking, the focus on industrial metals, base metals and commodities is now shifting to the duration
of price maintenance at current higher levels.
Demand momentum began to weaken, which was the main factor
in the expected decline in spot prices at the end of the year.
However, across the supply chain, the combination of pandemic-related issues and logistical constraints means that end-user inventory replenishment will take longer
.
”
