Last week Goldman Sachs upgraded its average 2023 forecast to US$9,750/t (from US$8,325/t previously) and 2024 forecast to US$12,000/t (from US$10,750/t previously), as well as increasing its 3/6/12 month targets to US$9,500/10,000/11,000/t (from US$6,700/7,600/9,000/t).
For those who are interested, a copy of the Goldman Sachs 'Copper - The end of Surplus' report (dated 6 December 2022) is available via this link:
Other Consensus Copper Forecasts
Bank of America commodity strategists believe copper could rally to US$12,000/t during the second quarter of 2023, given the right set of circumstances.
However, other institutions retain a more bearish view, at least during the short-term. BNP Paribas in its 2023 outlook forecast a 3-month copper price of US$6,800/t during the first quarter of 2023, falling to US$6,465/t during the second, but recovering to US$8,250/t by the end of 2024.
Fitch maintains a spot copper price assumption of US$8,000/t for 2023, sliding to US$7,500/t during 2024 and 2025.
These are only my thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts.
HAV Price at posting:
33.5¢ Sentiment: Buy Disclosure: Held
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