Copper hits US$10,000 as Goldman Sachs warns of supply risk [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. Copper briefly traded through US$10,000 a ton as investors raised bets on United States Federal Reserve rate cuts, and Goldman Sachs Groups Inc. warned of intensifying supply stress. Metals joined a wider rally in risk assets after soft U.S. jobs data triggered renewed speculation that the Fed will move to lower rates this year. Copper initially rose as much as 2.1 per cent — returning to five digits again after a brief period in late April — before paring gains as trading got underway in Europe. Article content Article content The prospect of Fed easing is adding to tailwinds for copper as bulls predict further gains with the world's mines struggling to match growing demand. Goldman raised its year-end price target to US$12,000 a ton, from US$10,000 previously. “We continue to forecast a shift into open-ended and mounting metal deficits from 2024 onwards,” the bank's analysts, inc
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