Goldman Sachs cuts copper price forecast: 3 mth target 6500/ton (from 7300)

Author: Eamonn Sheridan | Category: News

Copper is often seen as a bellwether for global markets  - Dr. Copper right?

GS cuts its price forecast
  • 3 month horizon  - now at $6500/ton from their prior at $7300
(Is GS just catching up with market movement? Its around its lowest in a year.  Anyway, back to GS report ... )

GS citing:
  • China credit tightening
  • Rising trade tensions

The two are the 'main drivers' for metals market at present says the bank

Further into the second half and 2019- expect China policy support will lift prices :

  • China will be wary of balancing its goal of financial deleveraging with its growth target, says GS, this will not be an easy task
  • GS says not expecting a full blown trade war
  • But significant uncertainties
  • No resolution in near term sight
GS comments via wires

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