Firm points to concerns triggered by the banking sector
Goldman Sachs expects a commodities supercycle driven by China and the capital flight from energy markets and investment this month after concerns triggered by the banking sector, the U.S. bank’s head of commodities said.
“Historically, when you have this kind of scarring event, it takes months to get capital back ... We will still get a deficit by June and it will drive oil prices higher.” Currie emphasized the hit was to the supply side rather than demand and he remains very bullish on copper.“On copper, the forward outlook is extraordinarily postive. We’ll be at the lowest observable inventories that have ever been recorded at 125,000 tonnes. We have peak supply occuring in 2024...Near term we put at $10,500 and longer term our price target is $15,000 a tonne.”
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