BMI, a research unit of Fitch Solutions, has raised its price forecasts for industrial metals, citing strong speculative activity, supportive macroeconomic conditions, and tightening supply expectations. 

The firm noted that recent gains were driven by bullish speculative positioning, a weaker US dollar, and expectations of supply constraints, although volatility remains high. 

Despite short-term fluctuations, BMI said solid fundamentals, particularly tight physical supply, should support base metal prices above historical averages in the coming months. Battery metals such as nickel and lithium are expected to benefit from growing demand linked to the clean energy transition. BMI forecasts nickel prices to average US$15,800/ton.

BMI also expects copper prices to remain elevated through at least mid-2026, with an annual average of US$11,900/ton, supported by energy transition demand, electric vehicle adoption, grid upgrades, and rising power consumption from AI and data centers.

Aluminum’s annual average price forecast was raised to US$2,900/ton due to favorable macroeconomic conditions and persistent expectations of structural supply tightness.