6 August
Copper continues to rise as Goldman Sachs projects $10,050 price target
According to Bloomberg, copper prices have been rising for the fifth straight day following a Goldman Sachs forecast predicting the metal could hit a record high of $10,050 per ton by August 2025.
Copper traders on the London Metal Exchange are facing significant pressure following a sharp spike in spot contract premiums. The supply crunch has been driven by record shipments to the US, where talks of new tariffs have triggered a rapid surge in prices and drained stockpiles in other regions, says the news agency.
Goldman Sachs analysts anticipate further copper gains amid tightening supply outside the US and sustained demand from China. However, the bank warns that Washington's planned 25% tariff on copper imports, set to take effect in September, could push prices down to $9,700 per ton by December.
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