Copper Touches $10,000 as Goldman Sees ‘Stockout’ Risk
- Bank raises year-end copper estimate to $12,000 a ton
- Chinese industry body sees demand destruction due to rally
Copper is up 17% in 2024 amid signs of recovery in global factory activity.
Photographer: Oliver Bunic/BloombergThis article is for subscribers only.
Copper briefly traded through $10,000 a ton as investors raised bets on Federal Reserve rate cuts, and Goldman Sachs Group Inc. warned of intensifying supply stress.
Metals joined a wider rally in risk assets after soft US jobs data triggered renewed speculation that the Fed will move to lower rates this year. Copper initially rose as much as 2.1% — returning to five digits again after a brief period in late April — before paring gains as trading got underway in Europe.