This week, Goldman Sachs presented a bullish forecast for the copper market for 2023-24. The bank’s analysts expect the price to jump from the current US$8,500 to US$11,000 per tonne next year.
Goldman Sachs’ good omens for the red metal also affect later seasons, with a thrilling forecast to break $12,000 a ton in 2024.
The entity points out that production in Chile is not meeting targets, which means that the projected surplus for 2023-24 is at risk, while inventories are already close to historical lows.
Nick Snowdon, an analyst at the investment bank, said another market deficit next year would take fundamental conditions to an “unprecedented extreme in terms of tightness” for the global market.
“The sequential increase in policy targets and commitments to the green transition, coupled with a minimal supply response thus far, have resulted in earlier and larger open deficit conditions that are essentially already here, without begin at some point in the future,” he said.
It should be noted that, according to Reuters, Chinese oil imports increased 12% in November compared to the previous year and reached their highest level in 10 months, according to data from the General Administration of Customs of China.
Source: Larepublica
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