Goldman Sachs raises first-half copper price forecast
Goldman Sachs raised its copper price forecast for the first half of 2026 to $12 750 a metric ton from $11 525 a ton on Thursday, citing a scarcity premium amid limited inventory coverage outside the United States.
Benchmark three-month copper on the London Metal Exchange fell 0.5% to $12,831 per metric ton by 1310 GMT, after scaling a record high of $13 387.50 on Tuesday.
US Comex copper stocks continued rising while LME copper stocks kept declining, driven by US tariff concerns, which in turn has raised the risk of tighter refined copper availability outside the United States.
However, the bank noted that a second‑quarter tariff announcement could signal an end to US stockpiling and bring oversupplied global fundamentals back into focus.
Goldman Sachs maintained its quarter four 2026 forecast of $11 200 a ton and added that it does not expect the price above $13 000 to be sustained.
