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Excellent news for copper bulls

Goldman Sachs is bearish on copper:

A storm’s about to hit the global copper market, according to Goldman
Sachs Group Inc., which forecasts that the price may slump to $4,000 a
metric ton over 12 months as mine supply picks up, producers enjoy lower
costs and demand growth softens.
“Company guidance and our
estimates suggest that copper is entering the eye of the supply storm,”
analysts including Max Layton and Yubin Fu wrote in an e-mailed report
received on Friday. A drop to $4,000 would be a 17 percent slump from
Thursday’s close on the London Metal Exchange.

Continues here. World’s number one fade is bearish? Be bullish.

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