Goldman Sachs raised its year-end 2026 LME copper price forecast from $12,465 to $13,735 per tonne. Analysts identified surging U.S. import demand as the primary driver for the revision. Traders are increasing positions ahead of a potential U.S. tariff decision due by late June.
This stockpiling surge is tightening the global market by drawing metal out of LME warehouses. Supply constraints are worsening as restarts at the Grasberg and Kamoa-Kakula mines progress slower than anticipated.
Goldman Sachs now projects a 640,000-tonne global supply deficit outside of the U.S. for 2026. Copper prices in London and New York advanced following the announcement.