Goldman Sachs has raised its LME copper price forecasts, citing weaker-than-expected mine supply and anticipated deficits outside the United States, according to a Reuters report shared by MINING.COM. The bank now expects the average LME copper price in 2027 to reach $15,400 a metric ton, up from $13,800 previously. Its year-end 2026 forecast was raised to $14,700 a metric ton from $13,735.
Goldman also pointed to intensifying competition between the United States and China for refined copper as a factor in its outlook. The bank had last raised both forecasts on June 1, when its 2027 average forecast stood at $12,150 and its year-end 2026 forecast at $12,465. The revisions show how supply constraints and competing refined copper demand are shaping analysts' expectations for the metal's price trajectory.
Source: Reuters, as reported by MINING.COM (X post, https://x.com/mining/status/2112561592759931135).
Source: x.com