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Goldman Sachs: Aggressively Bullish on Copper. They increase the annual target for 2024. to 12,000 and 15,000 for 2025.

Goldman Sachs remains aggressively bullish on copper this year and next. The investment bank says that there is a disturbed balance between supply and demand.
-The bank has just announced its new annual target for copper, expecting levels of 12,000 per ton of copper by the end of 2024. /21% above current market prices/ and levels of 15,000 by the end of 2025.

“Our latest supply and demand forecasts point to a deficit of 454kt for this year (versus a previous expectation of a deficit of 428kt) and a deficit of 467kt for 2025 (versus a previous expectation of a deficit of 413kt). With the end of the seasonal surplus phase, we expect deficit build-up to create enough momentum to extrapolate the current imple towards mid-year and especially in the second half of this year.” Goldman Sachs strategists share.
-GS also share that they expect a period of consolidation around current levels in short term.

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 Head Dealer Alexander Alexandrov

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