Amerigo Resources Ltd T.ARG

Goldman forecasts record copper prices next year as China re

[savyinvestor333]

Goldman Sachs said copper prices will jump to record highs in the next 12 months, as a looming supply shortage coincides with growing demand, keeping the physical market for the metal in deficit in 2023.

Goldman now forecasts a 178K metric ton deficit in the copper market next year, compared to its previous outlook for a 169K-ton surplus, causing the firm to raise its 12-month copper price target to $11K/ton from its prior forecast of $9K/ton, with the average price for 2023 raised to $9,750/ton from $8,325 previously. 

China likely will accelerate its restocking of depleted inventories next year as it ramps up toward a COVID reopening and enacts measures to stabilize its troubled property sector.

"Copper's long-term fundamentals remain intact, and Freeport McMoRan (FCX) is well-primed to leverage the recovery in underlying copper futures," JR Research writes in an analysis published recently on Seeking Alpha.

 

Read comments »

[goldens]

I saw that too and it really bodes well for ARG and other producers. Next quarter should post some good numbers and we likely won't have any negative price adjustments. A 9% return won't last long in my opinion. Technicals on the charts showing trace back to $1.75 ish which is still low in m opinion.

[savyinvestor333]

Yah Just need a month llike CIA .TO is having.  Up 65% in the last month.