Latest / The Commodities Economy with Fexingo: Oil, Gold, Wheat, and Raw Material Markets
Why the Goldman Sachs Copper Call Broke the Commodity Mold
In episode 40 of The Commodities Economy, Lucas and Luna drill into one specific moment that shook the metals world this spring: Goldman Sachs publishing a copper short-term trading call that contradicted its own long-term supercycle thesis. Lucas walks through how the bank's analysts cited China's export surge—May shipments to the US hit a five-year high growth rate of 35%—and a sudden inventory build in LME warehouses as reasons to downgrade copper for the next three months, even as they doubled down on a $12,000 target for 2027. Luna pushes back on whether banks can hold two…
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