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

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

Industry News 11:24:23AM Sep 10, 2015 Source:SMM

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. 

The article is edited by SMM and is provided for information purpose only. SMM assumes no liability and does not warrant the accuracy, reliability or completeness of information contained or quoted in the article, either express or implied. SMM further disclaims any liability for losses in connection with the information contained or quoted in the article.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn. 


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

Industry News 11:24:23AM Sep 10, 2015 Source:SMM

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. 

The article is edited by SMM and is provided for information purpose only. SMM assumes no liability and does not warrant the accuracy, reliability or completeness of information contained or quoted in the article, either express or implied. SMM further disclaims any liability for losses in connection with the information contained or quoted in the article.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.