The commodities market remains promising, with the majority of consensus forecasts showing higher prices as of Feb. 15 compared with the actual 2017 averages. This is a similar trend as reported in the previous month's forecast.
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Prices of precious metals dropped at the start of February, including gold, silver and platinum. The three metals are expected to see stronger growth in the next three years, with the consensus price forecast showing an upward trend from 2018 to 2020. The prices of rhodium and palladium are projected to increase in 2018 but are expected to decline in the next two years.
More recently, factors that rattled the equity markets also affected the commodities markets. Lead, zinc and nickel prices plummeted 5.3%, 2.4% and 2.2%, respectively, in early February. However, these base metals are expected to perform well in 2018, with the consensus price forecast for the year higher compared with actual average prices in 2017.
Uranium shows the biggest yearly jump in consensus forecast prices from 2018 to 2020. The copper price is also expected to rise over the next three years, and the red metal surged 6.4% last week, marking the biggest weekly jump in months. Meanwhile, the iron ore price has been declining and the mid-February forecast shows a continuing downward trend.
Consensus price forecasts for cobalt and molybdenum show increasing values from 2018 to 2020, while the price of tin is expected to drop this year to US$8.95/lb from its 2017 actual average of US$9.12/lb. However, the next two years are expected to be good ones for aluminum, with its consensus price forecast showing higher values compared with the actual 2017 average.
S&P Global Market Intelligence's Commodity Spot Pricing template allows the user to analyze pricing for multiple commodities and companies at once and switch between pricing data and percentage changes.
Market Week is a weekly report highlighting market developments affecting the international metals and mining industry.