Goldman Gets More Bearish on Metals, Cuts Copper Outlook
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Goldman Sachs Group Inc. delivered a bearish slate of forecasts across metals this week in a sign that the flogging commodity prices are taking still may have more to go.
Goldman on Wednesday lowered its copper-price outlook by as much as 44 percent through 2018 and expects Chinese demand to grow at the slowest pace in almost two decades. The cut came a day after Jeffrey Currie, the bank’s head of commodities research, said gold could trade at its lowest level since 2009. Analysts earlier this week said iron ore will keep falling.