Copper Is No Longer a Buy, Goldman Says. Mining Stocks Are Taking a Hit.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 03 2024
0mins
Source: Barron's
Goldman Sachs Downgrades Copper Outlook: Goldman Sachs has downgraded its recommendation on copper, reducing its price forecast from $15,000 to $10,100 per ton due to increased inventories in China and weakened demand, leading to significant declines in shares of copper mining companies like Freeport-McMoRan.
Market Trends and Future Prospects: Despite the current downturn, there are indications that lower interest rates could stimulate demand for copper, with some analysts predicting a potential rise in prices over the coming years as part of a new commodity supercycle.
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Analyst Views on GS
Wall Street analysts forecast GS stock price to rise
12 Analyst Rating
5 Buy
7 Hold
0 Sell
Moderate Buy
Current: 863.040
Low
604.00
Averages
951.45
High
1100
Current: 863.040
Low
604.00
Averages
951.45
High
1100
About GS
The Goldman Sachs Group, Inc. is a global financial institution that delivers a range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Its segments include Global Banking & Markets, Asset & Wealth Management and Platform Solutions. The Global Banking & Markets segment offers a range of services, including financing, advisory services, risk distribution, and hedging for its institutional and corporate clients. It facilitates client transactions and makes markets in fixed income, equity, currency and commodity products. The Asset & Wealth Management segment manages assets and offers investment products across all asset classes to a diverse set of clients. It also provides investing and wealth advisory solutions. The Platform Solutions segment includes consumer platforms, such as partnerships offering credit cards and point-of-sale financing, and transaction banking and other platform businesses.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Volatility Risks: The high volatility of the energy sector necessitates caution for investors, especially as the end of the Middle East conflict could prompt a swift market reaction, potentially putting pressure on Valero's stock and financial performance.
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