On Tuesday, Morgan Stanley revised its 2026 price forecast for aluminum, zinc, nickel, and lead. The bank said in a report that the price of aluminum is expected to reach $3,250 per ton by the second quarter of 2026. Zinc prices are expected to fall slightly to $2,900 per tonne in 2026, while nickel prices are expected to fall back to around $15,500 per tonne because demand is growing at roughly the same rate as supply. For lead, Damo predicts that the average price is only slightly above $2,000 per ton, as high inventories on the London Metal Exchange indicate an oversupply in the market. The bank also anticipates that the copper market will have a supply gap of 260,000 tons in 2025 and a supply gap of 600,000 tons in 2026.

On Tuesday, Morgan Stanley revised its 2026 price forecast for aluminum, zinc, nickel, and lead. The bank said in a report that the price of aluminum is expected to reach $3,250 per ton by the second quarter of 2026. Zinc prices are expected to fall slightly to $2,900 per tonne in 2026, while nickel prices are expected to fall back to around $15,500 per tonne because demand is growing at roughly the same rate as supply. For lead, Damo predicts that the average price is only slightly above $2,000 per ton, as high inventories on the London Metal Exchange indicate an oversupply in the market. The bank also anticipates that the copper market will have a supply gap of 260,000 tons in 2025 and a supply gap of 600,000 tons in 2026.