Industrial metals to remain vulnerable to more softness near-term, says Goldman

- Goldman Sachs on Monday said it expects industrial metals markets to remain vulnerable to incremental softness in the near term due to deteriorating demand and the impact from higher interest rates.

The copper market could face near-term pressure from the likelihood that Chinese imports of the metal could be restrained, the bank said. Goldman remained bearish on nickel with a 12-month target price of $16,000 per metric ton as it expected the market to stay in surplus for the year ahead due to increasing Indonesian and Chinese supply.

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