Goldman Sachs Raises 2025 Copper Price Forecast to $10,050 per Ton for August Peak Amid China Demand, US Tariffs, and Inventory Decline

Goldman Sachs has raised its forecast for copper prices in the second half of 2025, now expecting prices to peak at around $10,050 per ton in August. This upward revision from a previous forecast of $9,140 per ton reflects tightening supply conditions outside the United States and robust demand from China. Copper prices have rallied for five consecutive sessions, recently trading at approximately $9,749 per ton on the London Metal Exchange (LME). The surge is further fueled by declining global copper inventories, particularly on the LME, and concerns about the impact of potential new tariffs imposed by the U.S.

government. Traders are reportedly accelerating purchases to avoid higher costs associated with upcoming tariffs, which is intensifying supply shortages and raising the risk of a short squeeze in the market. Goldman Sachs has warned that regional copper scarcity is expected to worsen before improving, with the market closely monitoring the possible tariff implementation in September 2025.