Goldman Sachs focuses on copper
23:53
Goldman Sachs analysts raised their forecast of copper prices in the next year to $11,000 per tonne, indicating that copper will play a key role in bringing about a green energy transition and decarbonizing global economies.
"We currently forecast an average copper price of $9,700 per tonne in 2021, $11,800 in 2022, $12,000 in 2023, followed by a significant increase to $14,000 in 2024 and $15,000 in 2025. So we're raising our 12-month target price to $11,000,” the analysts explained.
In December 2020, Goldman Sachs analysts raised their 12-month forecast of copper prices to $9,500 per tonne from $7,500 previously. Currently, the price of a tonne of copper fluctuates around $9,000.
According to Goldman Sachs analysts, copper will play a key role in bringing about a green energy transition and decarbonizing global economies. Since the beginning of the year, copper has already increased by almost 15 percent.
