Goldman Singles Out Zinc as ‘Bullish Exception’ Among Metals
- Bank raises price outlook for next year as China demand rises
- Global deficits forecast this year, 2017 after mines depleted
Pipes run through the Doe Run Peru refinery in La Oroya, Peru, on Wednesday, March 20, 2013. Located high in the Andes Mountains of Peru, Doe Run Peru is a refinery that produces lead and zinc marketed for its purity, but the plant's home town of La Oroya suffers from the constant contamination of life-altering lead poisoning.
Photographer: Meridith Kohut/BloombergZinc stands alone, according to Goldman Sachs Group Inc. The New York-based bank has raised its forecasts for the next year on tightening supply and robust demand in China, highlighting its positive prospects in contrast to the “very bearish” outlook seen for all other base metals.
The six and 12-month forecasts were boosted to $2,100 a metric ton from $1,700, while the three-month call rose to $2,000 from $1,800, analysts including Max Layton said in a May 19 report. Zinc for three-month delivery was at $1,868 a ton on the London Metal Exchange on Thursday.