Goldman Sachs came up with their revised forecast for copper which combined with China weakness was the main reason for todays price drop.
https://www.bloomberg.com/news/articles/2024-09-03/goldman-slashes-copper-forecast-on-softening-chinese-demand
Not many people actually bothered to do some simple mathematics - Despite the drop in GS forecast, they are still expecting copper to be average 10,100 per tonne which translates into $4.6 per lb. Sandfire will be very happy if they can realise $4.6 per lb in 2025 - Not sure whats the drama.
I added today at $8
Goldman Sachs came up with their revised forecast for copper...
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