Morgan stanley revises 2026 price forecast for base metals
ReutersDec 16, 2025 9:44 AM
Dec 16 (Reuters) - Morgan Stanley on Tuesday revised its 2026 price forecast for Aluminium, Zinc, Nickel, and Lead.
Morgan Stanley said in a note it expects Aluminum prices to reach $3,250 per ton by the second quarter of 2026.
Zinc prices are forecast to fall slightly in 2026 to $2,900/ton, while it expects nickel prices to retreat towards $15,500/ton as demand grows at a similar rate to supply.
For lead, Morgan Stanley forecasts an average price of just over $2,000/ton as elevated LME inventories indicate a surplus.
The bank also expects copper to experience a 260,000 ton deficit for 2025 and a 600,000 ton deficit for 2026.
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