The most influential bank in commodity markets believes the recent rally is unlikely to last and prices will reverse unless there is a sustained improvement in demand led by China, the world’s biggest consumer of raw materials, writes Neil Hume.
In a series of reports published yesterday, Goldman Sachs said the 20-month commodity rout had further to run and prices needed to stay lower for longer to rebalance markets that are still groaning under the weight of plentiful supplies.
“Demand hasn’t really changed, [so] it takes lower prices to push and keep supply below demand to create a deficit,” said Jeffrey Currie, Goldman’s head of commodities research.
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