Goldman Sachs Raises 2025 Forecasts for Aluminum and Copper

Goldman Sachs has raised its 2025 aluminum and copper price forecasts, citing the significant demand potential in China, the world's largest consumer. The bank increased its average price outlook for aluminum from $2,540 per ton to $2,700, and adjusted its copper price forecast from $10,100 to $10,160. Goldman Sachs noted that the anticipated increase in China's GDP will have a more substantial impact on metal prices than on oil and coal, due to China's dominant share in global metal demand. The bank suggested that demand for aluminum and copper will benefit from equipment upgrades and consumer goods exchange programs. Additionally, Goldman Sachs highlighted "bilateral policy risks to prices," with potential upside risks from further stimulus and downside risks from any escalation in US-China trade tensions.