Goldman Sachs Cuts Copper Forecast as Prices Continue Slide

“Declining economic growth and weak demand in China, the world’s biggest metals consumer, has spurred many analysts to cut forecasts,” according to a recent Reuters story.

Goldman Sachs cut its copper forecast to $7000/ton for 2013 from $8000 a ton. MetalMiner readers received a “heads up” on copper prices back in October when this publication made much attention of layoffs at Caterpillar, the world’s largest heavy equipment manufacturer with significant exposure to the mining industry.

With a decline of 1.6 percent on Monday, June 10, the cash price of Japanese copper recorded the biggest decline of the day. Today marks the fifth day in a row of declining prices for the price of US copper producer grade 110. After falling 1.3 percent, prices saw an accelerated drop-off since Tuesday, June 4. The price of US copper producer grade 122 fell 1.3 percent, marking the fifth in a row of declining prices. The drop-off has also accelerated since Tuesday, June 4. Declining prices continue for the price of US copper producer grade 102.

Chinese copper prices closed flat for the day. The price of Chinese copper bar remained essentially flat. The cash price of Chinese copper held steady on Monday. After a couple of days of decreasing prices, the price of Chinese copper wire held steady. For the fifth day in a row, the price of Chinese bright copper scrap remained essentially flat.

The copper 3-month price weakened by 0.4 percent on the LME, settling at $7,315 per metric ton. Also on the LME, the cash price of primary copper declined 0.4 percent to $7,281 per metric ton.
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