Goldman Says Copper Selloff Overdone, Is Bullish at Lower Prices
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Goldman Sachs Group Inc. said that the selloff in copper was "overdone" and it remains bullish on the metal at a lower price.
The bank cut its three-month estimate to $7,500 a metric ton from $8,000, lowered its six-month prediction to $8,000 from $9,000, and the 12-month forecast fell to $7,000 from $8,000, Goldman analysts including London-based Max Layton and Hong Kong-based Roger Yuan said in a report dated today. Copper for three-month delivery traded at $6,905 today.