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Home / Metal News / Goldman Sachs Lowers Price Forecast for Aluminium, Copper in 2023, Sees Nickel Price Plunging

Goldman Sachs Lowers Price Forecast for Aluminium, Copper in 2023, Sees Nickel Price Plunging

May 23, 2023 14:22

Source:SMM

According to foreign news on May 22, the well-known investment bank Goldman Sachs said on Monday that it lowered its forecast for aluminium prices in 2023 from $2,700/mt to $2,431/mt. It also lowered its forecast for copper price to $8,689/mt from $9,750/mt.

Goldman Sachs said it still expects its 12-month price targets - $2,850/mt for aluminium and $10,000/mt for copper -- to "eventually materialise".

Goldman Sachs emphasised that nickel prices could fall sharply due to a surge in supply from Indonesia and China, with a 12-month price target of $16,000/mt.

Zinc prices are expected to continue to be priced according to the cost curve, with a 12-month price target of $2,000/mt, as the supply shortage is expected to end this year.

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Goldman Sachs Lowers Price Forecast for Aluminium, Copper in 2023, Sees Nickel Price Plunging

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