Fitch expects metal prices to fall amid the global economic situation

Fitch agency revised its forecasts for metal prices downward. Such a move is a consequence of the threat of a global recession, high inflation around the world, as well as the energy crisis and the associated decline in industrial production. These factors have a negative impact on demand, Prime reported. The agency estimates the cost of aluminum at $2.7 thousand a ton this year. Copper prices are expected at $8.7k, nickel at $26k and zinc at $3.4k. The new prices are $200-$1000 lower than earlier.

Forecasts for next year have also been lowered. Fitch expects global economic slowdown to lead to oversupply of metals.

Forecasts for gold remained the same this year, according to the agency, its cost will be $1.8 thousand per troy ounce, and next year it will decrease to $1.6 thousand. The lack of changes is associated with the traditional status of gold as a safe asset, which is relevant given the current difficult economic and political situation.