A recent report from Goldman Sachs expects the price of copper to decline next year, despite the metal’s increasing demand from power infrastructure. This, alongside constrained mine supply growth, is expected to underpin prices over time.
According to the report, copper on the London Metal Exchange surged to an all-time high of $11,771 a metric ton earlier this year. The increase was primarily driven by concerns over tightening supply outside America. Despite this rally, Goldman Sachs projects that during the first half of next year, the LME copper price will average around $10,710 per metric ton.
The financial institution expects the red metal’s prices to fluctuate between $10,000 and $11,000 over the course of 2026, due to an anticipated global supply surplus.
Looking ahead, the metal’s consumption could receive an additional boost if America moves forward with import duties on refined copper. Howard Lutnick, the country’s Commerce Secretary, is scheduled to submit a recommendation on potential tariffs to the White House by June 2026. The assumption by Sachs is that a tariff of roughly 25% on refined copper imports would be introduced soon after this recommendation.
Under this potential policy outcome, shipments of copper cathode into America could pick up pace, similar to what occurred earlier this year when buyers accelerated imports ahead of policy changes. That surge came before the Trump administration decided to impose a 50% tariff only to copper products, excluding cathode, effective August 1st.
The firm anticipates that once tariffs on cathode imports are imposed, the red metal’s prices may experience a modest pullback before returning to an upward trend.
The bank notes that constrained expansion in global mine output, together with steadily increasing structural demand tied to grid infrastructure, is likely to keep the market broadly balanced in the near term, while supporting higher prices over the longer horizon. The bank now estimates that the international copper market will end the year with a surplus of roughly 500,000 metric tons, a significant upward revision from its earlier forecast of 215,000 metric tons.
However, it expects demand to overtake supply from 2029 onward, a shift that would place renewed upward pressure on prices and encourage additional investment in supply. Most of this new supply, the firm suggests, will come from the increased use of recycled copper and extending the operational life of existing mines.
Looking further ahead, the report projects the metal’s price on the LME will reach $15,000 per metric ton by 2035. This long-term outlook favors companies like Torr Metals Inc. (TSX.V: TMET) that are well-positioned to uncover new supplies of this coveted metal.
NOTE TO INVESTORS: The latest news and updates relating to Torr Metals Inc. (TSX.V: TMET) are available in the company’s newsroom at https://ibn.fm/TMET
About MiningNewsWire
MiningNewsWire (“MNW”) is a specialized communications platform with a focus on developments and opportunities in the Global Mining and Resources sectors. It is one of 75+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, MNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, MNW brings its clients unparalleled recognition and brand awareness.
MNW is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from MiningNewsWire, text “BigHole” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.MiningNewsWire.com
Please see full terms of use and disclaimers on the MiningNewsWire website applicable to all content provided by MNW, wherever published or re-published: https://www.MiningNewsWire.com/Disclaimer
MiningNewsWire
Los Angeles, CA
www.MiningNewsWire.com
310.299.1717 Office
Editor@MiningNewsWire.com
MiningNewsWire is powered by IBN
