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

Published: May 23, 2023 14:22

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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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