By Sara Sjolin
LONDON (MarketWatch) -- Analysts at Goldman Sachs on Monday cut their 3,6 and 12-month copper forecasts, after a heavy selloff over the past two months, citing growth concerns in China and bearish technical indicators. The forecasts were lowered to $7,500 per tonnes from $8,000 on a three-month basis, to $8,000 from $9,000 for six months and to $7,000 per tonnes from $8,000 for 12 months. "More recently copper has underperformed other major base metals prices owing in part to the fact that copper was the only metal trading well above its cost curve (fueling fears of more extreme downside potential in the case of weakening global growth), as well as an increasing consensus that the market is headed for surplus in 2014," the analysts said in a note. Copper for may delivery HGK3 -0.73% dropped 3 cents, or 1%, to $3.12 a pound on Monday.
