Goldman Sachs Copper Price Forecast Signals 2026 Pullback

Goldman Sachs Copper Price Forecast Highlights Near-Term Pressure

Copper markets face a short-term correction after record highs, according to Goldman Sachs Research. The Goldman Sachs copper price forecast points to softer prices in 2026 despite structural demand growth. Analysts cite grid expansion, power infrastructure spending, and limited mine supply as long-term supports.

Meanwhile, the London Metal Exchange copper price hit $11,771 per metric ton in December. Traders drove prices higher due to fears of supply shortages outside the United States. However, Goldman Sachs expects a global surplus to weigh on prices next year.

The bank forecasts average LME copper prices near $10,710 during the first half of 2026. Prices should range between $10,000 and $11,000 per metric ton across the year. As a result, the Goldman Sachs copper price forecast signals moderation after extreme volatility.

Goldman Sachs Copper Price Forecast and Tariff Risks

U.S. trade policy could reshape copper flows during 2026. The U.S. Commerce Department plans to advise the White House on refined copper tariffs by June. Goldman Sachs assumes at least a 25 percent tariff on refined copper imports.

Tariffs, Supply Surplus, and Long-Term Outlook

Copper cathode shipments could accelerate into the United States before tariff enforcement. Earlier this year, importers rushed volumes ahead of a 50 percent tariff on copper products. Goldman Sachs expects prices to dip briefly after cathode tariffs take effect.

However, analysts expect prices to recover as infrastructure demand tightens the market. The firm projects a 500,000-metric-ton surplus by the end of 2025. Beyond 2029, demand should outpace supply and lift prices sharply.

Goldman Sachs projects LME copper prices near $15,000 per metric ton by 2035. That outlook exceeds current industry consensus and signals long-term bullish conviction. Therefore, the Goldman Sachs copper price forecast supports strategic investment in future supply.

SuperMetalPrice Commentary:

Copper markets reflect a classic cycle of short-term oversupply versus long-term scarcity. Near-term price softness may offer strategic entry points for manufacturers and investors.
Meanwhile, power grids, electrification, and mine life extensions will define future pricing power.
SuperMetalPrice sees volatility ahead, but structural demand favors copper bulls over the next decade.