Copper prices (HGN24) have been on the rise lately, and the industrial metal is attracting quite a bit of attention. In fact, some analysts now argue that copper is overbought as it trades near highs - but Goldman Sachs (GS) is super optimistic, predicting prices could soar to $12,000 per ton by the end of the year.
The brokerage firm thinks we're going to see more demand for copper, especially from industries that are all about going green, like electric vehicles (EVs) and renewable energy. Along with rising demand, there's not enough copper to go around, which could lead to what Goldman calls a "stockout risk" – basically, an extreme shortfall of copper inventories by the fourth quarter of 2024.
