Goldman Sachs lowered its 2026 copper price outlook to $12,650/tonne, down from $12,850, citing weaker demand.
The bank now expects a 490,000‑tonne copper surplus and 1.6% demand growth, versus prior 380,000‑tonne surplus and 2% growth.
Analysts led by Aurelia Waltham warn current prices exceed the $11,100 fair‑value estimate, leaving copper vulnerable to further declines if outlook worsens.
Long‑term outlook unchanged, seeing copper at $15,000 by 2035, with grid and energy infrastructure driving 60% of demand growth to 2030.