Goldman Sachs has raised its LME copper forecast for the second half of 2025 to an average of USD 9,890 per tonne, up from a previous call of USD 9,140. Copper is trading at 9,752 today and Goldman sees a peak price of 10,050 in 2025 driven by tariff-related stock drawdowns outside the US and sturdy Chinese demand. Late in the year, they see a slide to 9,700 as seasonal restocking eases. Goldman maintains a long-term call for 15,000 but the 2026 forecast was slightly trimmed to an average of 10,000 (versus 10,170), with a possible high of 10,350 as supply remains tight. Eyes are on Cobre Panama and Kamoa-Kakula in ... (full story)