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Goldman Sachs has issued a fresh warning on copper, saying the metal remains vulnerable to more price drops if the Strait of Hormuz stays blocked due to the ongoing.
Goldman Sachs warns copper prices could drop further if the Strait of Hormuz remains blocked.
KEY POINTS
- Copper is currently trading above its estimated fair value of $11,100 per ton.
- Goldman has lowered its 2024 average copper price forecast to $12,650 per ton.
- Copper prices have already fallen about 7% since US and Israel strikes on Iran began.
COMPANIES
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