Goldman Sachs upgrades H1 2026 copper price forecast to USD 12,750/tonne from previous estimate of USD 11,525/tonne.
Importance
Level 1
- Reiterates its Q4 2026 copper price forecast at USD 12,000/t.
- Does not expect copper price above USD 13,000/t to be sustained, expects price correction in Q2.
- Lowers forecast for US copper stockpiling in 2026 to 600k tonnes (prev. 750k).
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