与此同时，摩根士丹利预计2026年锌价将小幅下跌至每吨2,900美元。该行表示："随着中国锌出口的增 加，伦敦金属交易所（LME）库存回升，且矿产供应将在2026年继续增长，我们认为2026年锌价将小 幅下行。" 摩根士丹利预计，随着需求增长与供应增长速度相近，镍价将朝向每吨15,500美元回落。该银行表示， 印尼的政策变化对供应构成下行风险，而在电动汽车电池的市场份额的持续下滑抑制了需求，导致市场 在2026年之前持续供过于求。 摩根士丹利在一份报告中指出，预计到2026年第二季度，铝价将达到每吨3,250美元，因为需求将超过 供应。同时，铜/铝价格比率处于近期区间的顶部，表明价格仍有上涨空间。 12月16日（周二），摩根士丹利修正了其对2026年铝、锌、镍和铅的价格预测，理由是预期降息、美元 走软以及投资者对实物资产需求的增长推动了金属市场前景强劲。 该银行还预计，2025年铜市将出现26万吨的供应缺口，2026年缺口将达到60万吨。 摩根士丹利表示，美国以外的铜库存较低，如果美国继续进口铜，由于数据中心需求的增长超过供应增 长，铜库存可能会减少。 铅方面，摩根士丹利预测，平均价格将略高于每吨2,000美 ...

In a banner year for share sales in Asia, one bank has pulled far ahead of the rest: Morgan Stanley https://t.co/YKyyLBkyPq ...

As anxiety over an artificial-intelligence bubble reached a fever pitch in recent months, no Wall Street bank helped the industry power past the noise like Morgan Stanley https://t.co/C1JDFhoCJQ ...

Group 1 - Several foreign institutions, including UBS, JPMorgan, and Fidelity International, believe that Chinese assets have a solid foundation for continued rebound due to profit growth, accelerated innovation, and attractive valuations in their 2026 macroeconomic and stock market outlooks [1] - International long-term capital is showing strong interest in Chinese assets, particularly in sectors like healthcare, robotics, and low-altitude economy, with significant investments from Middle Eastern funds [2] - As of November, foreign long-term capital net bought approximately $10 billion in A-shares and H-shares, contrasting sharply with an outflow of about $17 billion in 2024, indicating a positive trend in foreign investment [3] Group 2 - Deutsche Bank projects that consumption will remain the main driver of China's economic growth, with a recovery in investment contributions and strong export performance [4] - The Central Economic Work Conference emphasized the need for effective qualitative improvements and reasonable quantitative growth in the economy, which is expected to support ongoing structural reforms [5] - UBS highlights that the technology sector in China represents one of the most significant global opportunities, with expected corporate profit growth of up to 37% in 2026, driven by ample liquidity [6]

Core Insights - The sale of an Amazon distribution center near Los Angeles International Airport for $211 million marks a record price, reflecting the increasing value of logistics centers near transportation hubs [2][3] - The distribution center, covering 143,060 square feet, was built to serve Amazon and is located in a highly sought-after industrial corridor, with low vacancy rates and limited land availability around LAX [3][4] - Institutional investors, including Morgan Stanley, are actively acquiring modern logistics assets, driven by the rise of e-commerce and the need for well-located facilities [4][6] Real Estate Market Trends - Industrial sales volume in Los Angeles has increased by 4% year-over-year, with a total sales volume exceeding $5 billion and over 800 transactions year-to-date, surpassing the totals of the previous two years [7] - Lower interest rates have contributed to the rise in industrial sales, making capital costs more favorable for investors [7] - Morgan Stanley has been a significant player in the market, accounting for about one-third of the acquisition volume in Los Angeles this year [7]

Core Viewpoint - Morgan Stanley predicts that the rise in gold prices will slow down next year due to reduced purchases by central banks and exchange-traded funds (ETFs), but expectations of interest rate cuts and a weaker dollar will support upward momentum, with gold prices expected to reach $4,800 per ounce by Q4 next year [1] Group 1: Gold Market - The rise in gold prices is expected to slow down as central banks and ETFs reduce their purchases [1] - Factors supporting gold prices include anticipated interest rate cuts, a weaker dollar, and strong retail demand from China [1] - Gold prices are projected to reach $4,800 per ounce by the fourth quarter of next year [1] Group 2: Silver Market - This year is expected to be a peak period for silver shortages, with silver price trends likely lagging behind gold next year [1] - Investment demand is anticipated to continue driving silver prices upward [1] Group 3: Other Precious Metals - Platinum prices are expected to be $1,775 per ounce next year [1] - Palladium prices are projected to be $1,325 per ounce next year [1]

As anxiety over an artificial-intelligence bubble reached a fever pitch in recent months, no Wall Street bank helped the industry power past the noise like Morgan Stanley https://t.co/OxH9tTkcDO ...

Core Viewpoint - Morgan Stanley has revised its price forecasts for aluminum, zinc, nickel, and lead for 2026, indicating significant changes in the metals market [1] Aluminum - The forecast for aluminum prices is set to reach $3,250 per ton by the second quarter of 2026 [1] Zinc - Zinc prices are expected to slightly decline to $2,900 per ton by 2026 [1] Nickel - Nickel prices are projected to fall to around $15,500 per ton, attributed to the balance between demand and supply growth [1] Lead - Morgan Stanley predicts that the average price for lead will be just above $2,000 per ton, influenced by high LME inventories indicating an oversupply in the market [1] Copper - A supply deficit of 260,000 tons is anticipated in the copper market for 2025, which is expected to increase to 600,000 tons in 2026 [1]

Core Viewpoint - Morgan Stanley predicts that gold price growth will slow down by 2026 due to reduced purchases by central banks and exchange-traded funds, but expected interest rate cuts and a weaker dollar will maintain upward momentum for gold [1] Group 1: Gold Market - By Q4 2026, gold prices are expected to reach $4,800 per ounce, driven by increased retail demand in China, stronger central bank purchasing power, and global growth concerns [1] - The anticipated decline in purchases by central banks and ETFs will contribute to a moderation in gold price growth [1] Group 2: Silver Market - Silver's performance is expected to lag behind gold due to a projected decrease in solar equipment installations by 2026, leading to a peak in silver shortages by 2025 [1] Group 3: Platinum and Palladium - Platinum prices are forecasted to be $1,775 per ounce by 2026, while palladium prices are expected to reach $1,325 per ounce, reflecting structural imbalances and changes in demand drivers [1]

Core Viewpoint - Morgan Stanley predicts that gold price growth will slow down by 2026 due to reduced purchases by central banks and exchange-traded funds, although expected interest rate cuts and a weaker dollar will maintain upward momentum for gold [1] Group 1: Gold Market Predictions - By Q4 2026, gold prices are expected to reach $4,800 per ounce, driven by increased retail demand in China, enhanced central bank purchasing power, and global growth concerns [1] - The anticipated decline in gold price growth is attributed to a decrease in purchases from central banks and ETFs [1] Group 2: Silver Market Outlook - Silver is expected to underperform compared to gold, as the installation of solar equipment is projected to decline in 2026, leading to a peak in silver shortages by 2025 [1] Group 3: Other Precious Metals Forecast - Platinum prices are forecasted to be $1,775 per ounce by 2026, while palladium prices are expected to reach $1,325 per ounce, reflecting structural imbalances and changes in demand drivers [1]