Goldman Sachs raises December 2025 copper forecast

Nov 20 (Reuters) - Goldman Sachs on Thursday raised its December 2025 copper price forecast to $10,610 per ton from $10,385, reflecting a fourth-quarter rally.

The bank maintained its $10,000–$11,000 per ton price range for 2026–2027, citing expectations of a modest market surplus.

But it projected that a deficit would emerge later in the decade as resource constraints tighten and demand from critical sectors accelerates, pushing prices higher.

Goldman Sachs said its 2035 long-term copper price forecast of $15,000 a ton sits above both consensus estimates and forwards, which are around $10,390 a ton, because the bank assumes that long-stalled mining projects will not come online.

Benchmark three-month copper CMCU3 on the London Metal Exchange was trading around $10,738.50 per metric ton and was up 4.4% so far in the fourth quarter, while aluminium CMAL3 was at $2,814.50, as of 1646 GMT. MET/L

Goldman Sachs said it remains bearish on aluminium over the next 12 months, expecting prices to drop to $2,350 per ton by the fourth quarter of 2026 as new supply pushes the market into surplus.

The bank noted that while aluminium prices should recover thereafter, they are unlikely to return to current levels until early next decade.

"We extend our long-term aluminium price forecast, expecting prices to trade in a $2,900-3,400 range from 2030-2035," the bank said.