Goldman's "circular melt-up" call and its recent upgrade to the 2026 London Metal Exchange (LME) copper price forecast have so far proven correct, as the industrial metal surged above $13,000 a ton with traders continuing to price in tighter global supply and a broader risk-on mood across metals. Three-month LME copper futures rose as much as 3.1% to a record $13,387.50, surpassing the previous record high set just a day earlier. The move is driven by the risk that the Trump administration may impose tariffs on refined copper, prompting a multi-month surge in US inventory and draining supplies from major global ... (full story)