Dazman/E+ via Getty Images The top global mining companies are set to suffer from a drop in the prices of metals including copper, nickel and iron ore caused by a steep slump in industrial activity in China, the U.S. and Europe, Deutsche Bank analysts said this week. The world is set for a \"synchronous downturn in industrial activity in China, the U.S. and Europe,\" causing miners including Glencore (OTCPK:GLCNF) (OTCPK:GLNCY), Rio Tinto (RIO) and BHP (BHP) to take a hit to their bottom lines in 2024 and 2025, Deutsche Bank analysts led by Liam Fitzpatrick said. The bank cut its aluminum, copper and nickel price forecasts for Q4, expecting metals prices will drop sharply over the next two quarters and remain low into 2025. Price targets for several of the world's largest metals producers were cut by the bank, including Anglo American (OTCQX:AAUKF) (OTCQX:NGLOY), Antofagasta (OTC:ANFGF) and Norsk Hydro (OTCQX:NHYDY) (OTCQX:NHYKF). Deutsche Bank slashed its earnings forecast for First Quantum (OTCPK:FQVLF) by 12.9% for 2024 and 14.1% in 2025, Lundin Mining (OTCPK:LUNMF) by 9.1% in 2024 and 12.8% in 2025, and Vale (NYSE:VALE) by 8.1% in 2024 and 8.2% in 2025.