NEW YORK (Commodity Online): Goldman Sachs revised its crude oil and copper price forecasts in view of the European financial crisis but sees an upside potential for copper in the near term.
2012 copper prices is estimated to average around $9200/tonne, down from $10,790 forecasted earlier. The investment bank also sees a huge upside potential in copper from current levels and hence recommends taking long position in copper.
Brent Crude is expected to average around $120/barrel in 2012, down from $130 estimated earlier. US light crude or WTI has been revised down to $109 from $123.50.
Goldman analysts believe that the current financial stress in Europe will cause a global headache and will cause economic and oil demand growth to slow down.
