Copper Forecast Goldman Sachs

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Copper Forecast Goldman Sachs

Copper Price Forecast For 2027 - Goldman Sachs

Goldman Sachs remains bullish on Copper for the years 2026 and 2027. This forecast comes at a time when most of the industrial commodities are under pressure. However, Goldman Sachs thinks the future is bright for Copper.

Goldman added that structural supply shortages remain a key theme in the Copper market. This will be enough for Copper prices to remain high for the next few years.

Copper Demand Remains High

In the short-term, Copper prices are under pressure. However, the long-term trend remains bullish. Looking ahead, Goldman is forecasting more upside in Copper prices.

Goldman commented that the short-term weakness will not change the long-term outlook for copper. The demand for copper remains high while the supply side is struggling. This has set the stage for higher prices in the near future.

The bank added that demand for the metal will come from multiple sectors. This includes AI data centers, EVs, renewable energy, defense, and so on. So, the Copper will remain a key metal for the rest of the decade.

While the demand is rising rapidly, the supply is unlikely to keep pace. The mines are becoming deeper, and the new projects are taking a lot of time to develop. So, the only viable way to fix the issue is higher Copper prices.

The bank also noted that the copper market will be affected by the policy changes. The US is expected to set high import tariffs on the Copper. This has also led to an increased inflow of Copper into the USA. Meanwhile, this has left the rest of the world in a Copper deficit.

Considering all of this, Goldman Sachs has raised its end-2026 prices for Copper. By the end of this year, Goldman Sachs forecasts Copper prices to be near $13735. In 2027, the average Copper price will be $13800.

The bank is more bullish on Copper beyond the year 2026. They think Copper prices could rise up to $15000 per ton. This price level is the only thing that could balance the market.

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