Goldman Sachs Ups Three-month Copper Forecast 5% To $8,400/ton

LONDON, Mar 13, 2012 (Dow Jones) -- Goldman Sachs (GS) Tuesday lifted its three-month copper forecast 5% to $8,400 a metric ton and said it expects that moderate U.S. economic growth, monetary policy easing in top consumer China, and the building of social housing there to lend support to metal prices in the coming months.

Late February, the bank had been forecasting copper at $8,000/ton on a three-month horizon. It has, however, kept its six- and 12-month forecasts steady at $9,000/ton.

The bank also raised its short-term forecast for zinc marginally, boosting its three-month view to $2,100/ton, from $2,050/ton previously. Similarly, its six- and 12-month outlooks have remained the same, both at $2,200/ton.