Fitch Ratings, an American credit rating agency, revised the short and medium-term prices assumption of copper, iron ore, coking coal, zinc, gold, and nickel.

The increased iron ore price forecast was due to stronger demand from Europe, North America, and other parts of Asia. Also, the tight supply in Brazil, South Africa, and Ukraine supported the prices.

Besides, the increased zinc price assumption was because of the growing demand from China and decreasing mine production in Peru. Regarding nickel, the rising stainless steel production in China raises the nickel price.