Story perspectives

Goldman Sachs Forecasts Stable Copper Prices Amid Surplus

10/11/2025

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Summary

Story summary

Goldman Sachs projects copper prices will stay between $10,000 and $11,000 per metric ton in 2026/2027 due to a market surplus.
Factors limiting price increases include reduced Chinese purchases above $11,000, excess U.S. inventory, and inflated demand from data centers.
Nickel prices are expected to drop to $14,500 per metric ton by December 2026, while an aluminium surplus is likely as Indonesian supply rises.
China is predicted to shift from a zinc net importer to a net exporter in 2026.
New cobalt export quotas from the Democratic Republic of Congo may lead to a market deficit, potentially raising prices.

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Story summary

Goldman Sachs projects copper prices will stay between $10,000 and $11,000 per metric ton in 2026/2027 due to a market surplus.
Factors limiting price increases include reduced Chinese purchases above $11,000, excess U.S. inventory, and inflated demand from data centers.
Nickel prices are expected to drop to $14,500 per metric ton by December 2026, while an aluminium surplus is likely as Indonesian supply rises.
China is predicted to shift from a zinc net importer to a net exporter in 2026.
New cobalt export quotas from the Democratic Republic of Congo may lead to a market deficit, potentially raising prices.