Much of the downside in base metals prices from an economic slowdown has been priced in, says Goldman Sachs, with the markets to see renewed upside momentum in late '07 and early '08. Currently global growth is experiencing a "happy slowdown", as metals demand and, in turn, prices are closely correlated with industrial production, Goldman notes. But a revitalization of economic demand and continued structural constraints on the base metals supply side will cause the markets to tighten once again, Goldman adds.
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