Goldman Sachs has raised its 2025 copper price forecast to $10,500 per ton, signaling that the metal is entering a new valuation era driven by structural demand growth and persistent supply tightness. The bank expects copper to trade within a new range of $10,000 to $11,000 per ton, a level it has rarely maintained in past cycles, as resource constraints and decarbonization demand reshape long-term pricing dynamics.
In the current trade, copper futures on the London Metal Exchange have eased slightly to $10,671 per ton, down 0.8% on the day, but prices remain more than 7% higher for the month. That resilience reflects a market increasingly anchored by long-term fundamentals rather than short-term sentiment.
Goldman analysts argue that copper is moving toward a permanent revaluation rather than a cyclical rebound. Years of underinvestment and slower mine approvals have limited supply just as consumption linked to electric vehicles, AI data centers, and power-grid modernization accelerates. From 2026 onward, these forces are expected to create a new price floor around $10,000 per ton.
