Goldman cools on copper as Europe’s energy woes threaten demand

There’s worse to come for copper after a sharp slump, according to Goldman Sachs Group, which slashed its forecasts for the metal and said risks to economic growth from the global energy crunch were skewed heavily upwards.

Goldman’s analysts have been among the more bullish voices on commodities -- and particularly on copper -- over the past two years. But the bank said the metal was now 40% below its expectations, and that recession risks in developed economies would fuel demand pessimism for the rest of 2022.