LONDON: Copper paused near 10-year highs on Wednesday ahead of a policy announcement by the US Federal Reserve, but analysts at Goldman Sachs joined others predicting a rally to record levels.
Benchmark copper on the London Metal Exchange (LME) was up 0.3% at $9,884.50 a tonne at 1637 GMT after reaching $9,965 on Tuesday, the highest since 2011.
Prices have more than doubled since March 2020 as the world economy rebounds and the shift to greener, more copper-intensive energy raises the prospect of supply shortages.
Goldman Sachs forecast copper would average $9,675 a tonne in 2021, $11,875 a tonne in 2022 and $12,000 a tonne in 2023. Aluminium was up 0.3% at $2,402.50 a tonne, zinc rose 0.2% to $2,930.50, nickel added 2.6% to $17,400 and lead was 0.1% higher at $2,092. LME tin was up 4.6%