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Goldman Sachs lowers its 2025 copper price forecast by nearly $5,000, still strongly bullish on gold.
Jinshi data, September 3rd, Goldman Sachs has exited its long-term bullish position on copper and lowered its 2025 copper price forecast by nearly $5000, citing shrinking demand. The bank has been one of the biggest supporters of copper, but now expects the average copper price next year to be $10,100 per ton, previously analyst Jeffrey Currie and Nicholas Snowdon had suggested $15,000 per ton. With a large influx of funds, the price of copper soared to a new high of over $11,000 per ton in May, but has since fallen by about 18%. Goldman also said that gold is ‘the commodity we are most confident in pumping in the near term,’ and maintains a target of $2700 per ounce at the beginning of 2025.