Goldman Sachs held onto its view to go long on commodities in 2024 which have given a 9% return year to date, which is further expected to rise to 15% by year-end, on cyclical and structural support to demand, and geopolitical risks.
Data so far across developed and emerging markets have renewed confidence in cyclical support to commodities this year, the bank said, adding that rate cuts in the U.S. and Europe from June this year are further seen supporting commodities demand and prices, particularly across copper, aluminium and oil products.
Copper’s bullish qualities, such as progressive scarcity, particularly from second half of this year onward underpins the bank’s 12-month 40% price upside target.
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