Key facts
- Copper is trading above $14,000 a ton in London.
- This price is approximately $500 below the all-time high set in January.
- Goldman Sachs increased its end-2026 copper price forecast by over 10% to $13,735/ton.
- The bank reduced its global mine supply estimate by 350,000 tons.
- Supply reductions are attributed to operational disruptions at Indonesia's Grasberg complex and Ivanhoe Mines' Kamoa-Kakula operation.
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.