Goldman Sachs lowers copper price forecast for 2013 to $7,000 per ton

Metal Recycling News  |  2013-06-12 08:10:41   |   By

The global financial advisory firm Goldman Sachs has cut the copper price forecast for 2013 from the earlier $8,000 per ton to $7,000 per ton

WASHINGTON (Scrap Monster) : The global financial advisory firm Goldman Sachs has cut the copper price forecast for 2013 from the earlier $8,000 per ton to $7,000 per ton.

The downgrade by the world’s financial research firm triggered a huge sell-off in the global markets. The Japanese copper declined 1.6% on Monday-one of the biggest daily declines in history. The US copper producer grade 110 witnessed fifth straight day of losses. The prices of US copper producer grade 122 also witnessed a 1.3% decline-also falling for the fifth straight session in a row. The prices of US copper producer grade 102 also slumped.

However, the Chinese copper prices held on .The Chinese copper closed flat. The price of Chinese copper bar ended flat. The cash price also remained flat. The Chinese copper wire prices also remained essentially flat. The Chinese bright copper scrap prices were unchanged for the fifth consecutive day.

On LME, the three-month copper prices slipped by 0.4%. The prices settled at $7,315 per metric ton at close of trade Monday. The spot LME price for primary copper has declined by 0.4% to settle at $7,281 per metric ton.

Goldman Sachs has cited weaker economic growth and slower demand by China-the biggest consumer of the metal, as the key reason for the price downgrade.