Goldman Sachs: Expects short-term upward space for copper prices to be limited to USD 11,000 per ton
Goldman Sachs released a research report stating that the current high prices of copper, aluminum, and zinc reflect investors' bullish sentiment for 2026, driven by expectations of interest rate cuts by the Federal Reserve, a weaker dollar, and capital expenditures related to artificial intelligence. The bank expects copper prices to remain in the range of USD 10,000 to 11,000 per ton in 2026 and 2027, but aluminum prices face significant downside risks due to increased supply from Indonesia. The bank anticipates that the short-term upward price potential for copper is limited to USD 11,000 per ton; although it is optimistic about copper prices in the long term, it believes that the market will still remain oversupplied in the short term, limiting short-term price increases. Additionally, the bank believes that the zinc market is at a critical turning point, with China's export arbitrage about to begin. The nickel market may continue to be oversupplied, with prices expected to fall back to USD 14,500 per ton to slow supply growth
According to the Zhitong Finance APP, Goldman Sachs released a research report stating that the current high prices of copper, aluminum, and zinc reflect investors' bullish sentiment for 2026, driven by expectations of interest rate cuts by the Federal Reserve, a weaker dollar, and capital expenditures related to artificial intelligence. The bank expects copper prices to remain in the range of USD 10,000 to 11,000 per ton in 2026 and 2027, but aluminum prices face significant downside risks due to increased supply from Indonesia.
The bank anticipates that the short-term price upside for copper is limited to USD 11,000 per ton. While it remains bullish on copper prices in the long term, it believes that the market will still experience an oversupply in the short term, limiting short-term price increases. Additionally, the bank believes that the zinc market is at a critical turning point, with China's export arbitrage about to begin. The nickel market may continue to experience oversupply, with prices expected to fall back to USD 14,500 per ton to slow supply growth
