Goldman Sachs Lifts Copper Price Outlook on Supply Constraints
Copper | 2026-06-01 06:51:58
The slower production growth from major copper-producing regions is expected to limit global availability of the metal.
By Paul Ploumis
SEATTLE (Scrap Monster): Goldman Sachs has raised its copper price forecasts for 2026 and 2027. This is mainly driven by a significantly tighter global market outside the United States due to weaker mine supply growth and stronger-than-expected U.S. imports.
Goldman Sachs increased its end-2026 copper price forecast to $13,735 per metric ton, higher than its previous estimate of $12,465. It also raised its average 2027 forecast to $13,800 per ton, up from $12,150.
According to Goldman Sachs, copper markets outside the U.S. are now expected to face supply deficits of approximately 640,000 tons in 2026 and 170,000 tons in 2027. This is significantly higher than earlier projections.
RELATED NEWS:
Copper Price Outlook Strengthens Amid 60% Surge in Mining Projections
Copper Prices Fall as Macquarie Warns of Oversupply, Investor Exit
The slower production growth from major copper-producing regions is expected to limit global availability of the metal. Also, U.S. absorption of a larger share of global supplies will tighten market conditions elsewhere. It forecasts U.S. copper inventories to increase by around 900,000 tons in 2026, substantially higher than the earlier estimate of 550,000 tons.
The combined output from Grasberg Mine in Indonesia and Kamoa-Kakula Mine is likely to see a reduction of roughly 200,000 tons compared to previous forecasts.
Goldman Sachs expects copper prices to remain near current levels of around $13,600 per ton in the coming months, with prices climbing to above $14,000 per ton during the second half of 2026.
POLL
What is the primary factor behind Goldman Sachs' bullish copper outlook?
Frequently Asked Questions
- Why did Goldman Sachs raise its copper price forecasts?
The bank expects a tighter global copper market due to slower mine supply growth and stronger-than-expected U.S. imports and inventory accumulation.
- What is Goldman Sachs' new end-2026 copper price forecast?
The bank now forecasts copper prices to reach $13,735 per metric ton by the end of 2026.
- How large are the projected copper supply deficits?
Markets outside the U.S. are expected to face deficits of approximately 640,000 tons in 2026 and 170,000 tons in 2027.
