The outlook for oil is dominated by an abundance of supply, which will continue to weigh on prices over our forecast horizon. Meanwhile, although structural demand factors will keep gold and silver prices at historically-elevated levels over the coming years, in contrast to the current bullish market sentiment, we forecast both prices to fall back in 2026. Finally, tight supply conditions have contributed to copper prices reaching record highs, and we have revised our price forecasts higher. That said, given our downbeat view on China’s construction sector, we are comfortable with our view that copper prices will end 2026 lower than their current level.
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