Goldman Sachs, Citi Raise Copper Price Forecasts on Bullish Outlook

SEATTLE (Scrap Monster): Leading commodity analysts have turned bullish on copper prices, mainly driven by tightening global supplies, strong demand fundamentals, and shrinking inventories outside the U.S. The optimistic outlook is despite copper trading at near record highs.

Goldman Sachs has raised its end-2026 copper price forecast to $13,735 per ton, up more than 10% from its previous target of $12,465 per ton. The bank reduced its global copper mine supply forecast by 350,000 tons, citing ongoing operational challenges at Indonesia’s Grasberg mine and the Kamoa-Kakula mining complex in the DRC. Also, it cited market risks on account of increased imports to the U.S. and depleting inventories elsewhere.

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Meanwhile, Citigroup analysts project copper prices to touch $14,500 per ton this month and climb further to touch $15,000 within the next year.

HSBC also maintained a bullish forecast, citing that commodities are likely to face a “super-squeeze” due to disruptions in connection with the closure of the Strait of Hormuz. A prolonged crisis could further tighten supply chains and support higher commodity prices, HSBC noted.

It must be noted that copper has surged nearly 10% so far this year, outperforming even gold. This denotes the strong investor confidence in the industrial metal’s long-term prospects.