Commerzbank raised its forecast for copper, aluminum and zinc prices and lowered its outlook for nickel prices
November 12, 2025
Commerzbank recently released its latest price forecasts for base metals and energy products, demonstrating a reassessment of the outlook for some key commodities.
In terms of base metals, the bank has significantly raised its price expectations for copper, aluminum and zinc. Among them, the view on copper prices is the most optimistic, with the year-end target price significantly raised from $9,600 per ton to $10,500. Meanwhile, the estimated price of aluminium has been raised to $2,900 per ton (originally $2,600), and the estimated price of zinc has been raised to $3,000 per ton (originally $2,800). However, regarding nickel, the bank holds a relatively pessimistic attitude, lowering its price forecast from $16,000 per ton to $15,000.
