Macro Weakness Pushes US Rate Cut Bets, Copper Outlook Dims as Goldman Sachs Downgrades 2025 Price Forecast

Published: Sep 13, 2024 20:43

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[SMM Analysis] In terms of macroeconomics this week, the US ADP employment data hit a three-year low within the week. The yield on US Treasury bonds continued to decline, approaching the 3.70 threshold, with the inversion situation intensifying instead of easing. The probability of traders betting on a 50BP rate cut for the first time in September once rose to 45% in the middle of the week. Although the rebound in PMI data has eased market concerns about a hard landing of the economy, the potential risk of recession still changed the capital market's perspective on asset valuation. Goldman Sachs reversed its previous bullish stance in the middle of the week, lowering its forecast for the average copper price in 2025 by nearly $5,000 per ton...

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