The 12-month target for copper was retained at $9,500 per metric ton on China's demand growth, the Goldman report said. The metal for three-month delivery fell as much as 1.3 percent to $7,781.50 on the London Metal Exchange today.
The forecast for Comex gold was held at $1,940 an ounce in 12 months, the report said. Futures traded at $1,746.90 at 2:15 p.m. Chicago-traded corn may rise to $6.85 per bushel in three months, before sliding to $5.50 in 12 months, the bank said, expecting "large" supplies from non-U.S. countries.
In China, the Purchasing Managers' Index fell to 49 in November from 50.4 in October, the China Federation of Logistics and Purchasing said. That was below the median estimate of 49.8 in a Bloomberg survey of 18 economists. A level above 50 indicates expansion.