Goldman Sachs Cuts Copper Forecast to $12,650

Goldman Sachs lowered its 2026 copper price outlook to $12,650 per tonne, down from $12,850.
The bank now expects a global copper surplus of 490,000 tonnes in 2026, up from 380,000 tonnes previously.
Refined copper demand growth is revised to 1.6% YoY, reflecting softer demand and a projected 0.4‑point GDP hit from Middle‑East energy shocks.
Long‑term outlook remains bullish, with prices forecast to reach $15,000 by 2035 as electrification drives 60% of demand growth.