Goldman Sachs Cuts Aluminum Price Forecast; Freeport-McMoRan May Issue $1 Billion In Shares

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Goldman Sachs Group has revised its outlook for the aluminum market and Freeport-McMoRan is considering issuing more than $1 billion in common shares to shore up its mining business.

Goldman Revises Aluminum Outlook

Goldman Sachs on Friday revised lower its aluminum price forecasts on expectations of a surplus in output between 2016 and 2019. The investment bank revised its three-month, six-month and 12-month price forecast to $1,500 per metric ton from $1,800, $1,500/mt from $1,800, and $1,550 per mt from $1,900 respectively.

Freeport to Issue Shares

Freeport-McMoRan, Inc. may issue up to $1 billion in common shares, the diversified miner said on Monday in a regulatory filing, a decision that highlights how sliding commodity prices are deepening woes of mining and energy companies.

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