Altan San Securities - Mongolia Investment - Goldman Sachs sees copper at USD5,800 per ton in 2010

Goldman Sachs sees copper at USD5,800 per ton in 2010

The investment bank Goldman Sachs expects the current downward movement in the price of copper to be short-lived amid growing expectations of a recovery in global economic growth, and it sees copper selling at USD5,800 per ton by the end of 2010. The investment bank kept its 12-month copper price target at USD4,800 per ton, unchanged from its May forecast.

"We are moving to a much less cautious stance on metal markets, and now view the current correction as likely to be shallower and shorter in duration," Goldman has said in a research note. It pointed to stronger activity on the long end of the forward price curve, which reflected an improvement in the global growth outlook, particularly in emerging markets. "While we still expect weaker current fundamentals to create some weakness in time spreads this summer, such a pullback would likely be very small in the context of the upward pressure on long-dated prices."

Source: www.news.mn

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