MOSCOW, September 10. /TASS/. Fitch Ratings has raised its forecast for global copper prices amid expected growth in demand for the metal and low global metal reserves, and raised its forecast for the price of gold due to its status as a safe haven asset, the international rating agency said in a statement.

In particular, the price of gold is projected at $3,000 per troy ounce in 2025 (previously $2,800), $2,700 per troy ounce in 2026 (previously $2,400), while the price forecast for 2027 is maintained at $2,000 per troy ounce. "Further increases in the geopolitical premium due to gold’s safe-haven status support our higher assumptions for 2025-2026 and mid-cycle prices. Concerns over a weaker US dollar have increased inflows into gold investments, driving record prices," the agency said.

Fitch also raised its copper spot price forecast to $9,500 per ton in 2025 (previously $9,200). The copper price forecast for 2026 rose to $9,000 per ton (previously $8,500), and the agency expects the copper price at $8,500 per ton in 2027. Fitch analysts note that the copper price forecast for 2028 has been raised, reflecting sustainable consumption growth and low copper inventories. Moreover, the agency's analysts expect global refined copper demand to grow by 2-3% in 2025 and 2026 due to robust demand, especially in China, despite the weakening of the global economy. Global refined copper supply is expected to increase by 1.5-2% in 2025 and 2026. Long-term global copper consumption will remain high due to the energy transition, Fitch said.

Fitch maintained its 2025-2026 aluminum price forecast at $2,500 per ton, but raised its medium-term aluminum price forecast to $2,500 per ton in 2027 and 2028 from $2,300 per ton. The agency also expects aluminum demand to increase from about 74 mln tons this year to 80 mln tons in 2030. Reduced production will gradually return to the market and new capacities will be built to meet this demand, the agency said.