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This is prompted by supply disruptions from Freeport-McMoRan's Grasberg mine in Indonesia, alongside a softer US dollar and declining interest rates.
"The price is moving to a new range of $10,000-$11,000 as resource limitations and structural demand growth from key economic sectors establish a fresh price ceiling from 2026 onwards," the bank stated.
Copper futures on the London Metal Exchange (LME) dropped 0.8% to $10,670 per tonne on Monday.
Freeport, a top global copper and gold producer, declared force majeure in late September on supplies from its massive Grasberg mine after a fatal incident, as was earlier reported.
Goldman analysts anticipate global copper output will rise by 0.2% this year, reduced from a prior projection of 0.8%, because of the mine's halt. In 2026, growth will be 1.9%, down from the earlier forecast of 2.2%.
Consequently, analysts now project a global copper market shortfall of 55,500 tonnes in 2025, shifting from a prior surplus of 105,000 tonnes. A minor supply surplus is still anticipated for next year.
source: wsj.com
"The price is moving to a new range of $10,000-$11,000 as resource limitations and structural demand growth from key economic sectors establish a fresh price ceiling from 2026 onwards," the bank stated.
Copper futures on the London Metal Exchange (LME) dropped 0.8% to $10,670 per tonne on Monday.
Freeport, a top global copper and gold producer, declared force majeure in late September on supplies from its massive Grasberg mine after a fatal incident, as was earlier reported.
Goldman analysts anticipate global copper output will rise by 0.2% this year, reduced from a prior projection of 0.8%, because of the mine's halt. In 2026, growth will be 1.9%, down from the earlier forecast of 2.2%.
Consequently, analysts now project a global copper market shortfall of 55,500 tonnes in 2025, shifting from a prior surplus of 105,000 tonnes. A minor supply surplus is still anticipated for next year.
source: wsj.com
