Goldman Sachs bearish on aluminum, foresees stable copper prices
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Update time : 2025-09-02 14:53:06
Goldman Sachs analysts report that the overall metals market remains stable, supported by expectations of US interest rate cuts and some policy measures. However, a loose spot market and weak economic data from China are putting pressure on prices.
Regarding aluminum specifically, Goldman Sachs believes recent Chinese measures to curb production and competition provide temporary price support. This effect is unlikely to last, however, due to China's immense production capacity and challenges from a sluggish real estate sector and slowing industrial activity. Consequently, Goldman Sachs maintains a negative outlook on LME aluminum prices.
Besides, Goldman Sachs predict that LME copper prices will be stable for the rest of the year. They see no immediate risk of a copper shortage, as global inventories are currently increasing.
