Goldman Sachs is Still a Copper Bear

Bloomberg reported that Goldman Sachs sees copper prices falling further, potentially hitting $4,800 by the end of the year. The firm also stated that it doesn’t see bearish drivers changing for some time.
As quoted in the press release:

Copper prices will probably drop to $4,800 a metric ton by the end of December and $4,500 at the end of next year, analysts including Max Layton and Jeffery Currie wrote in a report. The metal fell 0.8 percent to $5,015 by 1:22 p.m. in London. Separately, the bank cut the target price for Glencore Plc shares, citing a weaker commodities outlook. The miner and trader’s stock dropped as much as 8.7 percent.
“We see a long list of potential catalysts for copper’s next major move lower,” Layton, Currie and Yubin Fu wrote in the note received on Thursday. Of particular importance for copper has been the weakness in China, which points to a hard landing for commodities demand during 2015, they said.

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