Goldman: It's Totally Unrealistic to Expect China to Consume More Than Half the World's Copper
And without China, copper prices are going down.
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As reported by Bloomberg News, analysts at Goldman Sachs have dramatically slashed their price expectations for copper.
Analysts led by Eugene King now see copper falling to $5,670 this year and $4,725 in 2016. That's down from their previous forecasts of of $5,724 and $5,825 respectively. Copper is currently trading around $5,361. So why the big bearish revision? It all has to do with China.