Goldman Sachs: Due to a slight oversupply, it is expected that copper prices will not exceed $11,000 per ton in the next two years.

Goldman Sachs believes that due to a "slight" oversupply, the price of copper is not expected to exceed $11,000 per ton in the next two years, but will then rise from 2028 due to supply falling short of demand. Analysts including Eoin Dinsmore wrote in a report that despite this, Goldman Sachs has raised its copper price forecast for December 2025 from $10,385 to $10,610 to reflect a rebound driven by limited supply, strong demand, and potential strategic hoarding in the fourth quarter. Goldman Sachs predicts that by 2035, the price of copper will climb to $15,000 to maintain the operation of older mines, support new mine developments, provide more alternatives, and increase the recycling rate of scrap copper. As for the price of aluminum, it is expected to fall to $2,350 per ton in the fourth quarter of 2026 as additional supply leads to an oversupply in the market.