Goldman Sachs predicts that copper prices will not surpass $11,000 per ton over the next two years due to a "slight" supply surplus, but will begin rising from 2028 as supply fails to meet demand.

Analysts, including Eoin Dinsmore, noted in a report that despite this outlook, Goldman Sachs has raised its December 2025 copper price forecast from $10,385 to $10,610 per ton. This revision accounts for a potential rebound in Q4 driven by supply constraints, strong demand, and possible strategic stockpiling.

The bank expects copper prices to climb to $15,000 by 2035 to sustain aging mines, support new mine development, enhance substitution alternatives, and improve scrap copper recycling rates.

Meanwhile, aluminum prices are projected to decline to $2,350 per ton by Q4 2026 as new supply leads to a market surplus.