'Supportive' Trend For China Metals

Recent rallies in the prices of copper and iron ore have led Barclays, for example, to predict a decline because the spurt was based “partially on speculation and hype.” Goldman Sachs is taking a more positive stance on metals, after finding increasingly favorable data from China, where manufacturing and property markets are driving growth.

In November, the GS China Metals Credit Wave tracker registered its third consecutive bullish monthly print, which the bank said is “supportive” of metals pricing in the near term.

“We use the word ‘supportive’ rather than outright ‘bullish’ given the recent run-up in metals pricing and net...