JJUB - Goldman says copper bull fully underway sees all-time high in 2022

London copper (HG1:COM) continues its torrid climb, +1.5% to $7,695/ton to yet another seven-year high, and Goldman Sachs says copper's current price strength is just the first leg of a structural bull market."This current price strength is not an irrational aberration," and the copper market should head into 2021 facing the tightest market conditions in a decade owing to a substantial deficit, followed by continued tight markets into 2022 and 2023, Goldman says, adding it is "highly probable" that copper will test the 2011 record high $10,170/mt by H1 2022.Copper miner Freeport McMoRan (FCX) rose as much as 4.2% intraday before settling +1.1%; other copper gainers include [[HBM]] +5.2%, [[TECK]] +3.7%.Other industrial metals such as aluminum, iron ore, steel, nickel, zinc also advanced, helping stocks such as [[AA]] +9.7%, [[CENX]] +7.7%, [[CLF]] +7.7%, [[VALE]] +7.4%, [[MT]] +7%, [[X]] +6.1%, [[RIO]] +3.9%, [[BHP]] +3.5%.ETFs: [[JJCTF]], [[DBB]], [[CPER]], [[JJN]], [[JJC]], [[JJM]], [[JJT]],

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Goldman says copper bull fully underway, sees all-time high in 2022