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

Published: May 23, 2023 14:22
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.

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.

More popular news:

Commodity Price Bubble Finally Burst, but Metals Demand Will Surge

Glencore to Massively Expand Copper Capacity

SMM Daily Comments (Jun 2): All Metals Closed Higher with SHFE Nickel Leading Gains, Coke Surged

SMM Daily Comments (Jun 1): Base Metals Mostly Rose with SHFE Aluminium Surging, Ferrous Metals Rose across the board, Iron Ore Skyrocketed

SMM Daily Comments (Jun 5): Base Metals Mostly Fell, Ferrous Metals Bucked the Trend to Surge, Oil Gained Further on Saudi Arabia Output Cuts in July

SMM Indonesia Nickel and Cobalt Industry Chain Conference: Global Nickel & Cobalt Supply and Demand Prospect, Impact from NEV Development

Commerzbank Lowers Price Forecast for Copper, Aluminium, Zinc and Nickel for 2023 and 2024

Rumours Say Glencore Will Raise Takeover Bid for Teck Resources, but Another Big Obstacle Lies Ahead

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