21.04.2015 - Goldman Sachs “very bearish” on copper price outlook
Goldman Sachs expects the price of copper to fall to $5,200 per tonne or lower over the next twelve months, as a result of falling demand from China and a stronger US dollar. "We are very bearish on the outlook for copper over the next twelve to 18 months", Goldman Sachs’ executive director for commodities, Max Layton, said during the Cesco week in Santiago, Chile. "We have a very strong conviction that the copper prices are going to fall to $5,200 [per tonne], if not lower, over the next twelve months", he added. A key indicator is the recent drop in steel demand from China, which has been falling by 5% year-on-year for the last six months. "Steel demand is declining and in history that is extremely rare," Layton said.........................................Full Article: Source
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