Goldman Sachs has revised its December 2025 copper price target upward to $10,610 per ton, reflecting its bullish outlook on the metal. Concurrently, the bank anticipates aluminum prices will soften as new supply enters the market.

The investment bank projects persistent copper supply shortages amid growing demand from key sectors like renewable energy and electric vehicles. It maintains its 2026–2027 price forecast of $10,000–$11,000 per ton, with a long-term target of $15,000 by 2035—significantly higher than most industry estimates. This optimistic view stems from expectations that delayed mining projects will exacerbate future supply deficits.

Conversely, Goldman Sachs warns of headwinds for aluminum. With new supply expected, the bank now predicts prices could drop to $2,350 per ton by late 2026, with a rebound to 2025 highs unlikely until the next decade.

As the clean energy transition accelerates, metals like copper are becoming pivotal drivers of global economic growth—powering everything from EVs to smart grids. Goldman’s forecasts highlight how project delays and supply chain gaps ripple across economies. For governments and corporations investing in long-term infrastructure, securing these critical resources is fast becoming a strategic imperative.