Most of copper's rally has happened, Goldman Sachs says. They fear a correction is coming.

From morningstar.com

The price of copper has rallied 23% since November, punching through $13,000 per metric ton on the London Metal Exchange. According to Goldman Sachs, this has been driven largely by speculative inflows. Fundamentals in the sector, however, have been easing in recent months and Goldman Sachs said the bulk of the rally in copper has already occurred. Its base-metals research team predicts the LME copper price will correct to $11,000 per ton by December 2026. They are not alone. A sector note published Thursday by U.K. brokerage outfit Peel Hunt also warns a repeat of 2025's 40% boom in copper (HG00) is unlikely. Though ... (full story)