Goldman Sachs upgrades H1 2026 copper price forecast to USD 12,750/tonne from previous estimate of USD 11,525/tonne.
Newsquawk Staff ·
- 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).
What it means
Goldman Sachs' upgrade of their H1 2026 copper price forecast indicates a stronger outlook for demand or supply constraints in the copper market. However, their expectation for a price correction in Q2 and a lower forecast for US copper stockpiling suggest that while sentiment may improve, fundamental pressures could limit sustained upward movement in prices beyond USD 13,000/tonne. This may lead to volatility in related commodities and currencies dependent on copper pricing.
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