Goldman Sachs: Increases Next Year's Copper Price Forecast, Tariff Risks Still High

On Monday, Goldman Sachs raised its forecast for the price of copper in 2026, increasing the average price prediction from $10,650 per ton to $11,400. The reason for this adjustment is the continued high risk of the United States imposing tariffs on copper imports, which is expected to support copper prices. Goldman Sachs estimates a 55% chance that the Trump administration will announce a 15% tariff on copper imports in the first half of 2026, with the policy expected to take effect in 2027 and possibly increase to 30% in 2028. Despite the upward revision in the copper price forecast for 2026, Goldman Sachs is maintaining its prediction for 2027 at $10,750 per ton.