Goldman Sachs lifts copper forecast as supply deficits deepen
Goldman Sachs raised its end-2026 copper price forecast to $14,700 a ton and now expects larger supply deficits outside the US.
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what happened
Goldman Sachs on Monday raised its copper price forecast for the end of 2026 to $14,700 per metric ton, up from $13,735. The bank links the revision to US-China competition for the metal, which is tightening supply in markets outside the United States.
The analysts said mine output has come in weaker than they had expected. They now forecast an ex-US deficit of about 950,000 tons in 2026 and 220,000 tons in 2027, compared with earlier estimates of 640,000 and 170,000 tons, according to the bank's note.
why it matters
For the copper market, this points to a possibly deeper shortage than previously assumed. Weaker mine supply makes the market more sensitive to any new disruptions at mines, and the higher forecast draws attention to the metal's price outlook.
market impact
Медь: более глубокий дефицит предложения привлекает внимание инвесторов к металлу и связанным акциям.
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sources
- Goldman Sachs raises copper forecast as US-China competition tightens supply — Reuters, 19 October 2026 at 16:44 UTC
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