Copper prices in London are trading just above $14,000 a ton, approaching their January all-time high. Goldman Sachs raised its end-2026 price target by over 10% to $13,735/ton, citing a significantly weaker supply outlook due to disruptions at major mining operations.
The rising copper price signals strong demand, potentially driven by the energy transition and industrial activity, while supply constraints could exacerbate inflationary pressures and impact sectors reliant on the metal, such as electric vehicles and renewable energy infrastructure.
Copper prices have surged to just above $14,000 a ton in London, nearing the all-time high of approximately $14,500 a ton reached in January. Wall Street analysts, including Goldman Sachs, anticipate further upside for the metal. This week, Goldman Sachs revised its end-2026 copper price target upward by more than 10%, from $12,465 per ton to $13,735 per ton. This adjustment stems from a significantly reduced global mine supply outlook. The bank has slashed its estimate for global mine supply by 350,000 tons, citing ongoing operational challenges at key mining sites such as Indonesia's Grasberg complex and Ivanhoe Mines' Kamoa-Kakula operation. These disruptions are contributing to a tighter supply environment, which is expected to support higher copper prices in the coming years.