Goldman Upgrades Copper Price Forecast Weeks After Warning About "Circular Melt-Up"

Copper futures on the London Metal Exchange hit a new record high late last week at $11,952 per ton, and are now trading near $11,700 per ton, up more than 33% year to date. The explosive move, which has copper trading like an AI data center stock in recent months, prompted Goldman analysts to warn earlier this month of a “circular melt-up.”

Now, a separate team of analysts from Goldman, led by Eoin Dinsmore, has upgraded their LME copper 2026 price forecast from $10,650 to $11,400, based on the "lower probability of a refined copper tariff being implemented by H1 2026 as affordability concerns take priority."