Oct 15, 2012 (Dow Jones) -- Goldman Sachs (GS) Monday cut its 12-month price outlook on copper, citing concerns over demand for the red metal from the Chinese construction industry.
The bank now sees copper prices at $8,000 a metric ton in 12 months, down from $9,000/ton previously forecast. It retained its three-month copper outlook at $8,000/ton and its six-month outlook at $9,000/ton.
The London Metal Exchange's three-month copper contract currently trades at around $8,111/ton.
The bank also trimmed its three-, six- and 12-month forecasts on aluminum, nickel and zinc.
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.
In 2013, Goldman Sachs expects copper's supply and demand fundamentals to be broadly balanced, 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.