Goldman Sachs Drops 2016 Nickel, Zinc and Lead Forecasts

Reuters reported that Goldman Sachs Group Inc. (NYSE:GS) has cut its 2016 price outlooks for nickel, zinc and lead by over 20 percent. The firm has blamed “challenges to Chinese metals and mining demand” for the reductions.
As quoted in the market news:

Goldman cut its 2016 outlook by 29% each for nickel and zinc to $14 500/t and $2 383/t, respectively, while lowering its outlook for lead by 21% to $2 083/t.
Low Chinese demand, increasing competition from nickel pig iron output in the country along with a depreciating Chinese currency, are among the factors that could provide a downside risk to nickel prices, Goldman said.
Goldman said it expected copper and aluminium prices to decline from current levels over the coming year but left its 2016 outlook for both the metals unchanged. The bank, however, cut its copper forecast for this year to $5 582 from $5 670/t.

Click here to read the full Reuters report.