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Analyst Actions: Copper Sell-Off Overdone; Goldman Sachs Still Bullish In The N/T

The gold sell off last week has also negatively impacted copper owing to concerns surrounding growth in China coupled with bearish technical indicators. In fact, copper has been underperforming versus other metals given that it is trading above cost implying that investors still see further downside.

However, analysts at Goldman Sachs ( GS ), while bearish on gold, remain unchanged on their bullish profile for copper, at least in the near term. Specifically, GS believes that the underlying cyclical growth for China is stronger than the headline #s suggest, as March was likely negatively impacted by the late Chinese New Year. The copper market is also tightening in China, and positioning is already very skewed to the short side.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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