As global demand proves robust, Fitch Ratings is expecting stronger prices for an array of metals over the next couple of years.

The rating agency boosted its short- and medium-term (2023-2025) price calls for copper, iron, nickel and gold. It raised its expectations for zinc prices this year and aluminum in 2025.

The increased price for copper reflects expectations of stronger demand from China amid its reopening, Fitch said, while the medium and longer-term demand for copper will be supported by the transition to a low-carbon economy.

Stronger demand for iron from the steel sector, coupled with supply challenges in certain markets, underpins the expectation of higher prices, it said.

Similar dynamics are driving higher price expectations in other base metals. Fitch also boosted its gold price assumptions “in light of ongoing geopolitical tensions and economic growth concerns, and price resilience despite interest rate increases.”