Goldman Sachs Hikes Price Forecast for Base Metals

SHANGHAI, Nov. 16 (SMM) - Goldman Sachs raised its 3-month, 6-month and 12-month forecast for base metals prices on Tuesday, wenhua.com reported.

Its price forecast for copper was revised to $5,000, $4,800 and $4,800 per tonne, compared to $4,300, $4,300 and $4,200 per tonne expected previously.

Zinc price forecast was raised to $2,600, $2,700 and $2,800 per tonne, up from $2,500, $2,500 and $2,200 per tonne.

Nickel price forecast was hiked to $12,500, $12,500 and $11,000 per tonne from $12,000, $12,000 and $10,000 per tonne.

Forecast for aluminum prices was raised to $1,680, $1,650 and $1,600 per tonne from $1,650, $1,600 and $1,550 per tonne.

The adjustment of price forecast is based on strong demand, Goldman Sachs said. 

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