UBS (UBS.N): Strong growth in nickel supply will lead to a larger market surplus of 201,000 tons this year (previously expected to be 105,000 tons) and 200,000 tons in 2024 (previously expected to be 4,000 tons) .

German Chancellor Scholz: We will work hard to ensure that the parliament and the government make all necessary decisions on the 2024 budget this year.

UBS (UBS.N): Forecast nickel prices are US$16,500 per ton (March 2024), US$16,250 per ton (June 2024), US$16,000 per ton (September 2024) and US$15,750 per ton. (December 2024).

German Chancellor Scholz: The court’s budget ruling will not allow us to deviate from our goals.

German Chancellor Scholz: Readjust the 2024 budget quickly and with necessary caution.

UBS (UBS.N): The aluminum market is expected to swing from a small surplus of 89,000 tons in 2023 (previously expected to be a deficit of 484,000 tons) to a deficit of 7,000 tons in 2024 (previously expected to be a surplus of 385,000 tons).

German Chancellor Scholz: The most important message is that the court ruling still allows emergency exceptions to the debt brake.

UBS (UBS.N): Global refined aluminum supply will grow by only 2.2% this year and 2.7% in 2024 (previously expected to be 4.2%).

UBS (UBS.N): Forecast aluminum at $2,250 per ton (March 2024), $2,300 per ton (June 2024), $2,350 per ton (September 2024) and $2,450 per ton (2024 December of the year).

UBS (UBS.N): Forecast copper prices are US$8,500 per ton (March 2024), US$9,000 per ton (June 2024), US$9,500 per ton (September 2024) and US$9,500 per ton ( December 2024).

UBS (UBS.N): Estimates of copper supply and demand indicate that there will be a marginal shortage in the future, with a shortfall of 108,000 tons this year (previously forecast: 105,000 tons) and a shortfall of 73,000 tons in 2024 (previously forecast: 54,000 tons) ).

UBS (UBS.N): Lowered its global copper demand growth forecast this year to 2.2% (previously 2.7%); predicts that global copper consumption will grow by 3.3% next year.

UBS (UBS.N): For nickel, market supply is expected to exceed demand by nearly 6%.

UBS (UBS.N): For zinc and lead, small surpluses are expected, with risks tilted towards greater stock accumulation.

UBS (UBS.N): Nickel prices are expected to continue to face downward pressure as the glut continues to grow and become more pronounced.

UBS (UBS.N): For aluminum, the market is expected to be more balanced next year, but biased towards the deficit, which will drive prices higher in late 2024.

UBS (UBS.N): Supply and demand estimates for metals markets indicate that fundamentals are broadly balanced.

Prime Minister of Thailand: Received confirmation that 12 Thai workers were released from the Gaza Strip.

UBS (UBS.N): We still expect the OPEC group to reach an agreement next week, including extending production cuts by Saudi Arabia and Russia until 2024. Until then, oil prices are likely to remain volatile.

UBS (UBS.N): We remain moderately optimistic about the outlook due to the replacement of platinum by palladium in autocatalysts and the possibility of the Federal Reserve cutting interest rates next year.