Oil and Copper Prices Slide After Goldman Flags Concerns Over Chinese Demand -- WSJ

Dow Jones09-03

By Anna Hirtenstein

Oil and copper prices slid after Goldman Sachs warned on flagging Chinese commodity demand and sliced its forecast for the metal.

-- The most actively traded contract for global benchmark Brent crude declined more than 4% toward $74 a barrel. If it holds losses, it will settle at its lowest level since December.

-- Copper prices dropped around 3.5%.

Goldman Sachs now expects copper prices to average $10,100 a ton in 2025, around one-third lower than its previous forecast of $15,000 a ton. In a report, Goldman analysts said Chinese data this summer suggested softening demand for commodities in general, and oil and copper in particular.

"This sends a message about concern about the Chinese economy, and then naturally for Chinese oil demand as well," said Bjarne Schieldrop, chief commodities analyst at SEB. Official Chinese data for August indicated manufacturing activity slowed to a six-month low.

Shares of copper producers sold off Tuesday:

-- Freeport-McMoRan fell roughly 7% in early trading.

-- Antofagasta and Glencore both declined over 4% in London.

Also weighing on oil prices are expectations that the OPEC+ cartel may begin to gradually increase supplies. Recent disruptions to oil production in Libya could open the door to more supply from other members, according to analysts.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

September 03, 2024 10:38 ET (14:38 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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If it holds losses, it will settle at its lowest level since December. \n\n\n     -- Copper prices dropped around 3.5%. \n\n\n     Goldman Sachs now expects copper prices to average $10,100 a ton in 2025, around one-third lower than its previous forecast of $15,000 a ton. In a report, Goldman analysts said Chinese data this summer suggested softening demand for commodities in general, and oil and copper in particular. \n\n\n     \"This sends a message about concern about the Chinese economy, and then naturally for Chinese oil demand as well,\" said Bjarne Schieldrop, chief commodities analyst at SEB. Official Chinese data for August indicated manufacturing activity slowed to a six-month low. \n\n\n     Shares of copper producers sold off Tuesday: \n\n\n     -- Freeport-McMoRan fell roughly 7% in early trading. \n\n\n     -- Antofagasta and Glencore both declined over 4% in London. \n\n\n     Also weighing on oil prices are expectations that the OPEC+ cartel may begin to gradually increase supplies. Recent disruptions to oil production in Libya could open the door to more supply from other members, according to analysts. \n\n\n     This item is part of a Wall Street Journal live coverage event. 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