Base metal prices, which have rebounded from tariff-related selling earlier this year, now face uncertainty due to concerns about global economic growth in 2026, according to TD Securities. The financial institution noted that potential delays in interest rate reductions by the Federal Reserve are contributing to this uncertainty. While Beijing’s proposed stimulus measures for its property sector could support metals demand, previous interventions have only provided slight tailwinds to prices. TD Securities is a diversified financial services group and one of Canada’s largest banks. It offers a wide range of products and services to individuals, small businesses, and corporations.
TD Securities anticipates that London-traded copper, which reached a record high in October, will maintain its recent gains into next year. Aluminium prices are expected to increase moderately in 2026 before declining slightly in 2027 as market conditions become more balanced. Zinc prices have recovered after being affected by increased primary supply and decreased demand from manufacturing and construction sectors in the first half of 2025. However, the firm suggests that zinc may struggle to sustain these gains.
The outlook for nickel prices in the near term is less positive due to increasing concerns about oversupply, TD Securities stated. The financial firm forecasts that nickel prices will plateau in 2026 before experiencing a modest rebound in 2027. These projections reflect a cautious view of the base metals market, taking into account various economic factors and supply-demand dynamics.
