Investors are slashing their copper forecasts and unwinding bullish bets as fears of short-term oversupply and dwindling Chinese demand force traders to walk back predictions that copper would be this decade’s breakout commodity success.

Goldman Sachs this week exited a long-standing position in the metal well short of its previous target that prices will reach $US15,000 ($22,300) a tonne next year. The broker cut that forecast by a third to an average of $US10,100 a tonne in 2025.