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| Goldman Sachs Copper |
Supply Chain Disruptions Pressure Copper Markets
Goldman Sachs warns that ongoing Middle East conflict may worsen copper supply chains. Disruption of the Strait of Hormuz could keep energy prices high. As a result, global economic growth may slow, reducing demand for industrial copper. Goldman analysts highlight that the recent $14,500/ton peak has already reversed, with copper now down 2.5% in 2026.
Price Target Adjustments Reflect Market Vulnerability
Meanwhile, Goldman trims its 2026 base-case copper price target to $12,650 per ton from $12,850. Analysts note that current copper prices exceed its fair value of $11,100. Therefore, any further economic slowdown or persistent geopolitical risk may push prices lower. Bloomberg Intelligence similarly suggests prices could fall below $10,000 under prolonged supply disruptions.
Outlook for Investors and Industrial Stakeholders
Goldman emphasizes that copper lacks strong fundamental support at current levels. Consequently, market participants face heightened downside risk if demand continues softening. Investors and industrial buyers must monitor Middle East tensions closely. As a result, the 2026 copper price trajectory will heavily depend on the Strait of Hormuz reopening and global economic momentum.
ScrapInsight Commentary
Goldman’s revised copper outlook reflects significant geopolitical and economic pressures. Downside risk may temper industrial demand and price stability. Supply chain resilience and energy cost trends will be key determinants for 2026 market performance.
