Goldman Sachs says strong global growth will boost commodities
Expect commodities to climb nearly 10% next year, Goldman Sachs said in a research note Monday.
"A positive carry in key commodity markets and already strong global demand growth across the commodity complex reinforces the case for owning commodities. And hence we maintain our 12-month overweight recommendation, now with a forecasted return of almost 10 percent," wrote researchers led by Jeff Curries.
At a more-granular level, they see oil delivering good returns. On metals, they see copper leading and aluminum lagging.
"The difference lies in the supply dynamics ... While copper supply is likely to become increasingly constrained over the coming years, aluminum supply should become more abundant," the Goldman Sachs analysts said.
