Investment bank Goldman Sachs (NYSE: $GS) has raised its copper price forecast as it sees the market outside the U.S. getting tighter.
The Wall Street firm's commodities team now sees copper deficits, excluding the U.S., of 640,000 tonnes in 2026 and 170,000 tonnes in 2027.
Those deficits will lead to a scarcity of supply and push prices higher, argues Goldman Sachs.
The bank notes that global mine supply has been cut by roughly 350,000 tonnes due to slower-than-expected recoveries at various copper mines around the world.
At the same time, heavy U.S. imports of the red industrial metal in the first half of this year have strained global supplies.
As a result, Goldman Sachs now expects U.S. inventories to grow by approximately 900,000 tonnes this year, reaching around 1.8 million tonnes by the end of 2026.
The bank's revised copper price forecast shows a sharp upward revision, with Goldman now expecting $13,349 U.S. per tonne in 2026 and $13,800 U.S. a tonne in 2027.
Previously the bank forecast $12,131 U.S. a tonne this year and $10,750 U.S. a tonne in 2027.
Goldman Sachs named Lundin Mining (TSX: $LUN) and Antofagasta (ANTO) as its top picks among copper stocks.
GS stock has risen 77% over the past 12 months to trade at $1,074.00 U.S. per share.
COMTEX_483093682/2797/2026-06-05T12:30:24