Goldman Sachs Adjusts Copper Price Forecast Amid Supply and Demand Shifts

Goldman Sachs analysts have revised their copper price forecasts, citing changes in supply and demand dynamics this summer. Despite ongoing supply challenges, refined copper production has increased, while copper consumption has seen a notable decline. As a result, the significant reduction in copper inventories anticipated by Goldman Sachs is now expected to occur much later than previously predicted.

The bank has pushed back its target for copper prices to reach $12,000 per ton from the end of this year to after 2025. The updated forecast now predicts an average copper price of $10,100 per ton in 2025. While this is higher than current levels, it is significantly lower than Goldman Sachs' previous estimate of $15,000 per ton.