德国商业银行：上调铜、铝和锌价格预估，下调镍价预期

Core Viewpoint - Commerzbank has revised its forecasts for base metal prices upward due to favorable recent momentum amid rising prices [1] Price Forecast Adjustments - Copper's average price is now expected to be $10,500 per ton by year-end, up from the previous estimate of $9,600 [1] - Aluminum's average price forecast has increased from $2,600 to $2,900 [1] - Zinc price forecast has been raised from $2,800 to $3,000 [1] Nickel Price Adjustment - Nickel price forecast has been lowered from $16,000 per ton to $15,000 due to slowing production growth and continued ample supply, leading to downward pressure on prices [1] Market Dynamics - After a brief decline earlier in the month, U.S. imported aluminum premiums have surged to record highs due to domestic shortages and a 50% tariff, alongside tightening global supply [1] - LME inventories have decreased since mid-October, indicating that the supply effects driven by tariffs may be diminishing, while a significant inventory increase at the end of October may be related to a trader's financial transaction replenishment [1]