(Reuters) - Goldman Sachs on Wednesday said it was shifting its recommendation on commodities to "neutral" from "overweight" on a near-term horizon, as most commodity markets including copper, crude oil and soybeans have reached the brokerage's near-term targets. Goldman, however, said it remains overweight on a 12-month horizon, with an expected return of 10 percent. "We believe that the macro environment is likely to soften in second quarter with few near-term upside catalysts other than increased tensions in the Middle East," Goldman said in a note to clients. Goldman said it was maintaining its long recommendations on New York Mercantile Exchange crude oil benchmark West Texas Intermediate (WTI) and gold.
Goldman cuts commodities to neutral from overweight
(Reuters) - Goldman Sachs on Wednesday said it was shifting its recommendation on commodities to "neutral" from "overweight" on a near-term horizon, as most commodity markets including copper, crude oil and soybeans have reached the brokerage's near-term targets. Goldman, however, said it remains overweight on a 12-month horizon, with an expected return of 10 percent. "We believe that the macro environment is likely to soften in second quarter with few near-term upside catalysts other than increased tensions in the Middle East," Goldman said in a note to clients. Goldman said it was maintaining its long recommendations on New York Mercantile Exchange crude oil benchmark West Texas Intermediate (WTI) and gold.