Goldman Sachs Expects LME Copper Prices to Fall to $9,550 Per Ton in August

Short-Term Copper Price Dip Forecasted

Goldman Sachs expects copper prices on the London Metal Exchange (LME) to fall to $9,550 per metric ton in August, down from the current trading level of around $9,750 per ton. The investment bank cited a "substantial" surplus in the global refined copper market this year.

The primary reason for this short-term price adjustment is a forecasted surplus of 454,000 metric tons in 2024. This situation is driven by strong supply from China and a weaker-than-expected demand recovery in the rest of the world.

Chinese smelters are increasing exports due to weak domestic demand, contributing to the excess supply in the global market. Goldman Sachs also noted that the recent strong price rally, which saw copper hit a record high of $11,104.50 per ton in May, was primarily driven by financial flows rather than market fundamentals.

Long-Term Outlook Remains Bullish

Despite the short-term bearish forecast, Goldman Sachs remains bullish on copper in the long term. The bank maintains its forecast for copper prices to rise to $12,000 per ton over the next year.

This long-term view is supported by expectations of a structural supply deficit in the future, as demand from energy transition industries (such as electric vehicles and renewable energy) increases, while the development of new mines faces significant challenges.

Source: Reuters

Short-Term Copper Price Dip Forecasted

Long-Term Outlook Remains Bullish

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