Copper Jolted Higher as Threatened Disruptions Point to Deficit
- Goldman Sachs, Barclays, UBS see potential for prices to climb
- Supply slowdowns looming at world’s two biggest copper mines
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Copper rallied with other metals as strengthening prospects of disruptions at the world’s two largest mines threatened to send the market into a global shortage.
“We expect copper will move into deficit in the coming months, driving the next leg higher in prices,” Goldman Sachs Group Inc. analysts including Max Layton and Jeff Currie said in a report Wednesday. While the bank’s six-month target remains at $6,200 a metric ton, risks surrounding the forecast are skewed to the upside, they said.