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Goldman Sachs raised its quarterly copper price forecast, citing easing trade tensions and resilient copper demand, which are expected to continue supporting copper prices in the coming months.
In a report, the bank stated, "We have raised our Q2/Q3 price forecasts from $8,620/8,370 per mt previously to $9,330/9,150 per mt."
Goldman Sachs believes that the copper market will shift into a supply deficit in 2026.
The bank expects that the relative resilience of copper demand growth in electrification-related industries and limited growth in mine supply should drive copper prices to rebound from a low of $9,000 per mt in October 2025 to above $10,500 per mt in Q4 2026.