Analysts predict a 26% fall in copper prices by the end of the year
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World copper prices will continue to decline, and by the end of the year the metal will fall in price by about 26% to $6,700/t. Such a forecast is given by Goldman Sachs analysts in their review of August 24 (Vedomosti has it).
It clarifies that short-term copper price performance “looks volatile” due to a number of macroeconomic factors. At the same time, according to Goldman Sachs forecasts, from mid-2023, according to Goldman Sachs forecasts, the global market will attach much more importance to the “indefinite shortage” phase due to a decrease in global copper reserves and weakening macroeconomic factors (energy crisis in Europe, an aggressive increase in the key rate of the US Federal Reserve, weak demand in the real estate sector in China). “We maintain our optimistic outlook [цен на медь] for 2024 and 2025 at the levels of $14,000 and $15,000 per ton,” the document says.
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