Goldman Sachs maintained its copper price forecast unchanged, stating that there would be no supply surplus in the US in Q3.

On Wednesday, March 26, Goldman Sachs maintained its forecast for LME copper prices next year and predicted that US copper inventories would not be in surplus in Q3. Goldman Sachs forecasts that LME copper prices for three months, six months, and twelve months will be $9,600/mt, $10,000/mt, and $10,700/mt, respectively. The bank stated that copper prices face near-term downside risks. US COMEX copper futures hit a record high on Wednesday, as concerns over potential US tariff hikes pushed COMEX copper prices above LME copper prices. "We now expect US copper inventories to decline by 30,000-40,000 mt/month starting from the mid-to-late Q2. Therefore, US copper inventories will not be in surplus in Q3, and we anticipate that the global copper market will be at its tightest at that time." The investment bank added that greater certainty on copper tariffs means the premium of COMEX copper over LME copper could further increase. For more updates on the copper industry chain, you are welcome to attend the CCIE 2025 SMM (20th) Copper Conference & Expo, hosted by SMM, which will be held in Nanchang, Jiangxi, from April 22-25, 2025. Over 3,000 industry elites, representatives from upstream and downstream copper industry chain enterprises, government officials, industry associations, third-party equipment, logistics and warehousing, as well as academic and research experts will gather together. The conference covers mines, smelting, copper processing, trade, recycling, and end-use applications, encompassing the entire copper industry chain. At the event, more than 100 exhibitors will showcase the latest copper processing and smelting equipment, high-quality raw material suppliers, and new-type copper-based materials, highlighting the innovation and vitality of the copper industry. The conference features a variety of exciting activities: the main forum focuses on global copper market trends, raw material supply, policy impacts, and market outlook. Sub-forums delve into industry hot topics such as electrical power transmission and distribution, secondary copper, copper-based new materials, hardware and plumbing, and ESS. During the conference, a two-day field trip will visit 12 representative enterprises with a cumulative copper production capacity of 1 million mt, sharing cutting-edge technologies and valuable experiences to promote the upgrading of the copper industry chain and drive high-quality industry development. The CCIE 2025 SMM (20th) Copper Conference & Expo will help you grasp industry trends, expand your network, and explore business opportunities! SMM cordially invites you to join us in Nanchang, Jiangxi, from April 22-25, to gather in the new era of copper and jointly plan for new development!

SMM

Goldman Sachs maintained its copper price forecast unchanged, stating that there would be no supply surplus in the US in Q3.

COMEX Metal Inventory on March 26, 2025

US Import Car Tariffs Are Expected to Take Effect, Copper Prices Adjust at High Levels [SMM Copper Morning Meeting Minutes]