Goldman Sachs lowered its 2026 copper price forecast to $12,650/tonne, down from $12,850, citing weaker demand.
The bank now expects a 490,000‑tonne global copper surplus in 2026, up from the previous 380,000‑tonne estimate.
Refined copper demand growth is cut to 1.6% YoY from 2%, reflecting a 0.4‑point GDP hit from Middle‑East energy shocks.
Goldman maintains a long‑run $15,000/tonne price target for 2035, with electrification driving 60% of demand growth through 2030.