Goldman Sachs Slashed Medium-Term Copper Price Forecast despite Glencore Output Cut Plan

SHANGHAI, Sept. 10 (SMM) - Goldman Sachs lowered its medium-term forecast for copper prices Sept. 8, though Glencore, the largest commodity trading company in the world, plans to cut its copper output, according to Wallstreetcn.com.

Goldman Sachs cut its forecast for copper prices in the following three, six and twelve months to $5,200, $4,800 and $4,800 per tonne,respectively, with price at $4,500 per tonne in 2018. It said three factors are behind its bearishness. First, growth in China’s demand is slower-than-expected. Second, supply is expected to grow further in the next three years. Third, a rise in the US dollar may help reduce mining cost. 

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