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This is Goldman Sachs' best bet in commodities right now

While investors have been paying close attention to the gold and oil trade, the best bet right now in the commodity space is selling copper, the head of commodities research at Goldman Sachs said Thursday.

That's because there is a lot of supply coming on, Jeff Currie told CNBC's "Power Lunch."

"We like the idea of the revenge of the low-cost player, meaning Peru. Weakness in demand in China — it's not in the sweet spot," he said. "Put it all together, this market's already in a surplus. Prices at $5,000 a ton — target $4,000."

When it comes to the gold trade, Currie believes it is a great hedge against what's happening in the world right now.

Investors have been piling into the precious metal as a safe haven.

"As we like to say being long gold is the same thing as being short politicians and given the current environment, that would be a good hedge to have."

However, barring the type of uncertainty that the Brexit vote created and any spillovers it could generate, he thinks gold is going to trade sideways.

He currently has a $1,300 price target on gold, and believes the underlying fundamentals don't support it pushing up toward $1,400.

Meanwhile, he also doesn't see oil heading much higher.

"The line has been drawn in the sand at $50 a barrel," Currie said. "Inventories are still really high."

In fact, he believes near term it could head lower when disrupted areas like Libya come back online.

"You bring that supply back into this market, we're likely oversupplied, creating downside risk," he said.

On Thursday, U.S. crude futures settled down 2.2 percent, or $1, at $44.75 a barrel. Brent crude was down 2.3 percent, or $1.07, in afternoon trading.

— Reuters contributed to this report.