Daiwa Securities adjusts basic metal price forecast for 2026.

On Tuesday, Morgan Stanley revised its price forecasts for aluminum, zinc, nickel, and lead for the year 2026. The bank stated in a report that it expects aluminum to reach $3250 per ton by the second quarter of 2026. Zinc prices are expected to slightly decrease to around $2900 per ton in 2026, while nickel prices are predicted to fall to around $15500 per ton, as the growth in demand is roughly the same as the growth in supply. For lead, Morgan Stanley forecasts an average price just slightly above $2000 per ton, as high inventories on the London Metal Exchange indicate a market oversupply. The bank also predicts a supply gap of 260,000 tons in the copper market in 2025, and a gap of 600,000 tons in 2026.