Goldman trims 12 month Copper, Aluminium, Nickel price forecasts

Metal Recycling News  |  2012-10-15 11:47:13   |   By

New York based multinational bank Goldman Sachs trimmed its 12-month price forecast for copper from $9,000 per ton to $8,000/ton.

NEW YORK (Scrap Monster): New York based multinational bank Goldman Sachs trimmed its 12-month price forecast for copper from $9,000 per ton to $8,000/ton.

The bank reduced its price forecast mainly due to reflecting its concerns over demand for the metal from the Chinese construction sector in late 2013 and 2014.

Of the four base metals, Goldman Sachs is most bullish on copper's six-month price prospects, is broadly neutral on aluminum and zinc and bearish on nickel.

The investment bank also trimmed its 3-month, 6-month, 12 month price forecasts for aluminum, nickel and zinc due to the weaker than anticipated global demand environment over the year-to-date.

In 2013, Goldman Sachs expects the aluminum market to be in surplus by 295,000 tons, the zinc market to be in a 181,000-ton surplus and the nickel market to be in surplus by 35,000 tons.