BRIEF-JP Morgan Sees Gold Prices To Rise Towards $3,000/Oz Next Year

Nov 26 (Reuters) - JP MORGAN: * MAINTAINS ITS MULTI-YEAR BULLISH OUTLOOK ON GOLD, FORECASTING PRICES TO RISE TOWARDS $3,000/OZ NEXT YEAR * SAYS PRECIOUS RALLY TO RUMBLE ON; CONSTRAINED SUPPLY SETS THE STAGE FOR STRONGER BASE METALS PRICES LATER IN 2025 * SEES SILVER PRICES TOWARDS $38/OZ BY YEAR-END 2025 * SEES A STRONG RALLY TOWARDS $1,200/OZ FOR LAGGING PLATINUM * REMAIN TACTICALLY NEAR-TERM BEARISH ON BASE METALS AS PRICING IN OF A CHINA TARIFF RISK PREMIUM LIKELY STILL HAS FURTHER TO RUN OVER THE COMING MONTHS * SEES PRICES IN A RANGE AROUND $16,000/MT IN 2025 FOR NICKEL * FORECASTS ALUMINUM PRICES HIGHER TOWARDS $2,850/MT OVER 2H25 * SAYS MEDIUM-TERM FUNDAMENTALS IN COPPER, ALUMINUM REMAIN BULLISH, SETTING UP A V-SHAPED RECOVERY LATER IN 2025 * SAYS COPPER PRICES LIKELY HAVE FURTHER TO FALL IN THE NEAR TERM * SEES COPPER PRICES BACK UP TOWARDS $10,400/MT BY 4Q25 * SAYS PROGRESSIVELY LOOSER SUPPLY DYNAMICS KEEP ZINC PRICES RELATIVELY CAPPED IN THE COMING YEARS (([email protected];))