Goldman hikes gold forecast, reiterates bullish commodities view

The Fed's hawkish alerts seem like a voice in the wilderness to gold investors.

Trading volumes in copper, aluminum and zinc on the Shanghai Futures Exchange all fell to the lowest level since Feb. 7.

Prices are now broadly in line with nickel contracts on the Shanghai Futures Exchange.

A readjustment of Russian copper trade flows may not be nearly as smooth as Doctor Copper seems to be expecting, writes Andy Home.

Global copper mine production grew on average 2.3% in 2021, from a low base.

The flurry of deals on Tuesday came as LME prices moved back into line with nickel contracts trading on the Shanghai Futures Exchange, which remained open during a weeklong suspension of trading.

Goldman Sachs economists now expect the Fed to raise interest rates by 50 basis points at both its May and June policy meetings.

LME three-month nickel tumbled as much as 14% to $27,020 a tonne just after Tuesday's market open.

Rising commodities prices are helping underpin bullion's appeal as an inflation hedge.