(Bloomberg) -- Copper bulls may have to wait quite a few years before the global market flips to meaningful deficits. While demand is still growing, Goldman Sachs Group Inc. says a study of new mine projects prompted it to boost its forecast for output, reducing next year's projected deficit and moving the outlook for 2020-2022 to moderate surpluses from a broadly balanced market. Only after 2023, will “severe deficits” emerge, the bank said it a note, forecasting that prices will stay at about $7,000 a ton for the next few years before rising sharply.
To contact Bloomberg News staff for this story: Jake Lloyd-Smith in Singapore at jlloydsmith@bloomberg.net;Ranjeetha Pakiam in Singapore at rpakiam@bloomberg.net
To contact the editors responsible for this story: Jason Rogers at jrogers73@bloomberg.net, Jake Lloyd-Smith, James Poole
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