Analysts at Goldman Sachs remain upbeat on the outlook for commodities, citing promising next six months for copper and oil.
Key quotes
“Oil is seen rising to $80/bbl, global consumption will surge 5.2m b/d over the next six months, which is 50% larger than the next biggest increase over that timeframe since 2000 ..”
“The magnitude of the coming change in the volume of demand — a change which supply cannot match — must not be understated.”
“Copper to reach $11,000/ton.”
“Commodity markets have looked through the sharp rise in Covid-19 cases in India.”
“Expect greater mobility, aided by vaccines, a seasonal upswing in transportation, manufacturing and construction, beginning now and accelerating into June.”
“The pace of vaccination accelerates in Europe; increased travel demand will result in easing of international travel curbs in May. “
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