高盛：料铜价上行空间短期受限于每吨11,000美元

Core Viewpoint - Goldman Sachs reports that high prices for copper, aluminum, and zinc reflect investor bullish sentiment for 2026, driven by expectations of Federal Reserve rate cuts, a weaker dollar, and capital expenditures related to artificial intelligence [1] Group 1: Copper Market - Goldman Sachs expects copper prices to remain in the range of $10,000 to $11,000 per ton in 2026 and 2027 [1] - Short-term price upside for copper is limited to $11,000 per ton due to an anticipated oversupply in the market [1] - The long-term outlook for copper remains positive despite short-term supply concerns [1] Group 2: Aluminum Market - The aluminum market faces significant downside risks due to increased supply from Indonesia [1] - The expectation of rising supply may pressure aluminum prices in the near term [1] Group 3: Zinc Market - The zinc market is at a critical turning point, with Chinese export arbitrage expected to open soon [1] Group 4: Nickel Market - The nickel market may continue to experience oversupply, with prices projected to decline to $14,500 per ton to mitigate supply growth [1]