Goldman Sachs boosts H2 copper forecast by $750/tonne

Goldman Sachs has raised its LME copper forecast for the second half of 2025 to an average of USD 9,890 per tonne, up from a previous call of USD 9,140. Copper is trading at 9,752 today and Goldman sees a peak price of 10,050 in 2025 driven by tariff-related stock drawdowns outside the US and sturdy Chinese demand.

Late in the year, they see a slide to 9,700 as seasonal restocking eases.

Goldman maintains a long-term call for 15,000 but the 2026 forecast was slightly trimmed to an average of 10,000 (versus 10,170), with a possible high of 10,350 as supply remains tight.

Eyes are on Cobre Panama and Kamoa-Kakula in the DRC due to shut-ins. Overall though, copper is a barometer on global growth and the global economy and the recent rally is a good sign for both the US and China.

This article was written by Adam Button at www.forexlive.com.