LONDON (Commodity Online): Goldman Sachs sees value in base metals at current prices. “Concerns about European sovereign-debt problems and slowing economic growth have kept base-metal prices under pressure,” Goldman added.

 “We caution that these concerns are likely to continue to overhang the market in the near term. However, we continue to emphasize that the main-line expectation of lackluster but positive global economic growth led by EM (emerging markets), disappointing supply growth in key metals, and the likelihood of tightening balances suggest higher metal prices in 2012. Thus, we continue to believe that current prices generally present value to consumers,” Goldman said.

Goldman’s three- and 12-month forecasts include copper, $8,000 and $9,500 a metric ton; aluminum, $2,300 and $2,400; zinc, $2,050 and $2,400; and nickel, $18,500 and $21,000.

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