MARKET TALK: Copper Prices Have Bottomed - Goldman Sachs

Copper prices have already bottomed out, says Goldman Sachs, having reached a $5,500 a metric ton price target six months earlier than expected. The market is likely to remain range-bound between $6,500/ton and $7,500/ton through the end of next year, Goldman notes. "As inventories are likely to remain at the lower end of historical levels, a scarcity premium is likely to remain embedded in the copper price," Goldman Sachs adds. LME copper trades at $7,750/ton, -3% from Thursday's high.