Goldman Sachs has slashed its 2025 forecast for the copper price by a third, clouding the profit outlook for leading miners of the red metal.
The US bank warned this week that the expected rally in the copper market would not materialise as the Chinese property rout depresses demand for commodities. It now expects copper to average $10,100 a tonne next year, sharply lower than its prediction four months ago that it would hit an all-time high of $15,000.
“The copper rally is delayed,” Goldman analysts wrote in a note, citing a drop in Chinese metal consumption that has deepened over the past several months.
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