Goldman Sachs cut its 2025 aluminum price forecast to $2,540 per ton from $2,850
September 4, 2024
Goldman Sachs cut its 2025 aluminum price forecast to $2,540 per ton from $2,850.
Cut its copper price forecast for next year by nearly $5,000 a tonne. Goldman analysts Samantha Dart and Daan Struyven said in a note that the big drawdown in copper inventories would come much later than the bank had previously expected. Goldman cut its copper price forecast for next year to $10,100 a tonne and pushed back its estimate of when copper would hit $12,000 from the end of 2024 to after 2025.
The bank also maintained its bearish views on iron ore and nickel, and said gold was its top choice to hedge geopolitical and financial risks in the near term.
