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Copper entering the eye of the supply storm - Goldman Sachs-2017 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
8/10/2016 有色金属展-铜材展-non-ferrous metals expo |
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Bloomberg reported that according to Goldman Sachs Group, a storm is about to hit and price might slump to USD 4,000 per tonne over 12 months as mine supply picks up, producers enjoy lower costs and demand growth softens. Analysts wrote “Company guidance and our estimates suggest that copper is entering the eye of the supply storm.”
They wrote “This ‘wall of supply’ is expected to translate into higher copper smelter and refinery charges and ultimately, higher refined copper production, set against softening demand growth.”
They forecast the metal at USD 4,500 per tonne in three months and USD 4,200 in six.
A drop to USD 4,000 would be a 17 percent slump from Thursday’s close on the London Metal Exchange
For Goldman, the main expansion in mine supply through to the first quarter of next year is expected to come from the Grasberg mine in Indonesia, Escondida in Chile and Sentinel in Zambia, according to the report.
-2017 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
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