Goldman Sachs Forecasts Continued Weakness for Industrial Metals on Soft Demand and Higher Rates
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Goldman Sachs expects industrial metals markets to remain vulnerable to more softness near-term due to weak demand and higher interest rates.
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The bank sees copper facing pressure from potentially restrained Chinese imports.
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Goldman remains most bullish on aluminum due to China's supply constraints.
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The bank stays bearish on nickel with a 12-month target of $16,000/tonne due to rising Indonesian and Chinese supply.
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Goldman is bearish on China lithium carbonate spot prices with a 12-month target of $15,000/tonne due to expected surplus in 2024.
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