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Copper briefly traded through $10,000 a ton as investors raised bets on Federal Reserve rate cuts, and Goldman Sachs Groups Inc. warned of intensifying supply stress.
The prospect of Fed easing is adding to tailwinds for copper as bulls predict further gains with the world’s mines struggling to match growing demand. Goldman raised its year-end price target to $12,000 a ton, from $10,000 previously. In the US, swaps markets now point to a 53% chance of a Fed rate cut by year-end, up from about 40% at the end of April. And in China, financial markets have returned from an early-May public holiday in a bullish mood on government pledges to boost growth.Copper is up 16% in 2024 amid signs of recovery in global factory activity, as well as flashes of supply tightness — especially for raw materials shipped to smelters.
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