Goldman Sachs raised its copper price forecasts, citing a tightening global market. The bank sees supply deficits outside the US widening to 950,000 tons in 2026 and 220,000 tons in 2027. It now forecasts copper at $14,700/ton by end-2026 and an average of $15,400/ton in 2027, up from $13,735 and $13,800. The revision reflects China's scrap shortage boosting refined copper demand and US inventory building ahead of potential tariffs. LME three-month copper was flat at $14,373.50/ton at the time of writing.
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