UBS (UBS.N): Global refined aluminum supply will grow by only 2.2% this year and 2.7% in 2024 (previously expected to be 4.2%).

UBS (UBS.N): Forecast aluminum at $2,250 per ton (March 2024), $2,300 per ton (June 2024), $2,350 per ton (September 2024) and $2,450 per ton (2024 December of the year).

UBS (UBS.N): Forecast copper prices are US$8,500 per ton (March 2024), US$9,000 per ton (June 2024), US$9,500 per ton (September 2024) and US$9,500 per ton ( December 2024).

UBS (UBS.N): Estimates of copper supply and demand indicate that there will be a marginal shortage in the future, with a shortfall of 108,000 tons this year (previously forecast: 105,000 tons) and a shortfall of 73,000 tons in 2024 (previously forecast: 54,000 tons) ).

UBS (UBS.N): Lowered its global copper demand growth forecast this year to 2.2% (previously 2.7%); predicts that global copper consumption will grow by 3.3% next year.

UBS (UBS.N): For nickel, market supply is expected to exceed demand by nearly 6%.

UBS (UBS.N): For zinc and lead, small surpluses are expected, with risks tilted towards greater stock accumulation.

UBS (UBS.N): Nickel prices are expected to continue to face downward pressure as the glut continues to grow and become more pronounced.

UBS (UBS.N): For aluminum, the market is expected to be more balanced next year, but biased towards the deficit, which will drive prices higher in late 2024.

UBS (UBS.N): Supply and demand estimates for metals markets indicate that fundamentals are broadly balanced.

Prime Minister of Thailand: Received confirmation that 12 Thai workers were released from the Gaza Strip.

UBS (UBS.N): We still expect the OPEC group to reach an agreement next week, including extending production cuts by Saudi Arabia and Russia until 2024. Until then, oil prices are likely to remain volatile.

UBS (UBS.N): We remain moderately optimistic about the outlook due to the replacement of platinum by palladium in autocatalysts and the possibility of the Federal Reserve cutting interest rates next year.

UBS (UBS.N): We believe the market is concerned that without an agreement, Saudi Arabia and Russia may resume supply of 1.3 million barrels per day in early 2024.

Spanish Prime Minister Sanchez: If the EU does not make a decision, Spain may decide on its own whether to recognize the Palestinian state.

UBS (UBS.N): The platinum market was undersupplied again in the third quarter of 2023, but the deficit was smaller than in the first and second quarters.

UBS (UBS.N): Oil prices are likely to remain volatile in the short term and will continue to rise in the coming months.

According to i24News: The first batch of Israeli hostages are on their way to the Rafah crossing.

Spanish Prime Minister Sanchez: The current ceasefire in Gaza is not enough, we need a permanent ceasefire.

According to Ukrainian Pravda: Ukraine’s Deputy Minister of Defense stated that the purchase of missiles and ammunition will be a priority in the 2024 defense budget, and approximately US$4.82 billion will be used for this purpose.