300% by Oct, page-2

“Despite these tightening tailwinds, copper prices have only risen modestly this year and positioning has remained flat, offering a clear entry point for investors to get long.”

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Goldman also upped its three, six and 12 months price targets and now expects a new record high within three months and a steady climb in prices to $13,000 a tonne in a year’s time.

Copper — which is already trading near an all-time high — will also be vulnerable to further spikes as inventories decline, Goldman said on Thursday.

“Copper is sleepwalking towards a stockout,” analysts led by Nicholas Snowdon said in an emailed note, referring to the risk that inventories will be depleted entirely. “We believe higher prices are an inevitability — required to stimulate substantially more scrap supply as well as accelerate demand destruction to balance this market.”