Goldman maintained its copper price forecasts, stating that tariffs will prevent oversupply in the U.S.

Goldman Sachs has maintained its copper price forecasts for the London Metal Exchange (LME) for the upcoming year, expecting that U.S. tariffs on copper imports will prevent excess stock in the U.S. during the third quarter. The bank predicts LME copper prices at $9,600, $10,000, and $10,700 per metric ton over three, six, and twelve months, respectively.

The bank highlighted a potential short-term downside risk to prices due to a trade policy update effective April 2. Goldman Sachs anticipates a monthly reduction of 30,000 to 40,000 tons in U.S. stocks from mid to late Q2, allowing them to avoid a surplus in the U.S. by the third quarter of 2025 when global copper market tightness is expected to be most pronounced. Additionally, greater certainty regarding copper tariffs may lead to COMEX trading at a higher premium compared to LME.