Goldman Sachs raises copper price forecast to $13700 per ton by the end of 2026

Data shows that copper prices rose in New York and London on Monday. The US Secretary of Commerce must submit proposals for refined copper tariffs to Trump before June 30th, as the expansion of US price premiums drives the flow of metal to US ports. Goldman Sachs has raised its forecast for copper prices on the London Metal Exchange by the end of 2026 from $12500 per ton to $13700 per ton, as US stockpiling and lower than expected mine supply have tightened the market. Copper prices have risen by 5% in May, supported by ceasefire negotiations between the United States and Iran, as well as a boom in artificial intelligence related assets.