Commerzbank raises base metal outlook but cuts nickel forecast amid soaring premiums
Commerzbank AG has raised its short-term outlook for base metals due to recent price increases, with copper expected to average $10,500 per ton and aluminum $2,900 per ton by year-end. However, the bank has cut its nickel forecast to $15,000 per ton, citing a well-supplied market. Additionally, aluminum import premiums in the US have reached record highs, driven by domestic supply shortages and global market tightening, indicating potential continued increases if China reduces exports.