In a research note, Goldman Sachs analysts downwardly revised their base metals forecast, citing continued stress from the Eurozone financial sector and slowing economic growth.

“The market continues to focus on the risk of a new economic recession, triggered by the stress on the European financial and banking system,” Goldman Sachs analysts wrote in a note, according to Reuters.

“Industrial metals and copper in particular have clearly borne the brunt of the growing pessimism about future economic and market conditions,” Goldman Sachs added, WSJ.com reports. “We recognize that notwithstanding short relief rallies, sentiment is likely to remain poor in the near term, suggesting the need for caution.”

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Max Chen contributed to this article.