Goldman Sachs Expect Copper Price to Keep Rising, and Bloomberg Survey Finds Analysts Bullish Too

Published: Jun 30, 2017 10:16

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Goldman Sachs said in its report on Thursday that copper price is expected to keep advancing in the short term.

SHANGHAI, Jun. 30 (SMM) – Goldman Sachs said in its report on Thursday that copper price is expected to keep advancing in the short term, and to rise to $6,200 per tonne, but fall to $5,500 per tonne in 2018, and slide further to $5,300 per tonne in 2019.

What Fuels Copper Price Surge? Will Gains Prove Sustainable? SMM Reports

Over half of attendees surveyed by Bloomberg turned bullish over copper price for the first time in two months, citing that demand is strengthening, and the surge in scrap-metal supply comes to an end. Bloomberg’s copper survey result: Bullish: 6, Bearish: 3, Hold: 1

Goldman Sachs also expressed its views over price outlook of other non-ferrous metals. Nickel price is estimated to fluctuate narrowly between $ 8,500-10,000 per tonne, and aluminum to trade at around $ 2,000 per tonne in a period of 3 months and year-end, and $ 2,800 per tonne for zinc at year’s end.

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