Goldman Sees China’s Copper Demand Hurt by Property Downturn
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Copper demand in China, the world’s biggest user, will be hurt by persistent weakness in the property market over the next 12 months, according to Goldman Sachs Group Inc.
A downturn in the nation’s real-estate market, which accounts for half of China’s copper usage, weighed on industrial metal consumption in the past year and is unlikely to end in 2015, analysts including Roger Yuan wrote in a report dated Jan. 20. There’s a high risk prices in 12 months will be below the bank’s forecast of $6,000 a metric ton, it said.