Goldman Sachs Sees Downside For Copper in The Short Term

Copper futures in New York are 15% below their May all-time high and have hit a two-week low. Goldman analyst Adam Gillard suggests that a "surplus market" could pressure prices of the base metal lower in the "short term."  In recent weeks, copper has been stuck in a narrow range and is down about 15% from the record in May. The surge in prices was driven by global supply fears, a squeeze in the market, and energy transition demand.  In May, Jeff Currie, who led commodities research at Goldman Sachs for nearly…