Goldman Sachs maintains copper price forecasts for 2025

Goldman Sachs maintained its full-year LME copper price forecasts unchanged on Wednesday. The bank's analysts noted that newly imposed American copper import tariffs should prevent domestic market oversupply in the third quarter.

The bank further highlights near-term downside price risks stemming from potential trade policy shifts by the US administration.

Copper prices in the United States surged to an all-time high Wednesday, widening their premium over London Metal Exchange (LME) prices amid expectations of impending import tariffs under consideration by President Donald Trump.

Last month, the US President directed an investigation into potential copper import tariffs aimed at revitalizing domestic production, according to bank research.

Goldman Sachs analysts project American copper inventories could decline by 30,000–40,000 tons monthly beginning in the second quarter 2025 if tariffs are implemented early. This drawdown would prevent a domestic supply glut during the third quarter 2025, when global copper trade tensions are expected to peak.