Goldman Sees Copper Peaking In August Amid Ex-US Supply Squeeze

Goldman Sachs analysts have released a new note this morning, raising their price forecast for 2H25 copper. The upgrade stems from tightening global supplies, as the ongoing US Section 232 investigation into the industrial metal drives massive inflows into the domestic market.

"The ex-US copper market has tightened, causing fears of a regional copper shortage despite the global market currently being in surplus