Metal frenzy sweeps US stocks! The copper and aluminum sector sees a "highlight moment", with Goldman Sachs and Cowen both bullish on copper prices.

On Thursday, October 23, 2025, driven by better-than-expected profits and a sharp increase in copper and aluminum futures prices, Alcoa Corporation (AA.US) closed up 12.59%, while Freeport-McMoRan Copper & Gold (FCX.US) rose 1.10%. On that day, the trading price of Comex copper futures contracts rose 2.1% to $5.10 per pound, approaching the high since US President Trump's unexpected decision in July not to impose a 50% tariff on imported raw copper; aluminum futures contract prices also rose by 1.8% to $2,860 per ton, signaling a continuing tight market supply and demand situation. Boosted by the rise in metal prices, Kaiser Aluminum Corporation (KALU.US) surged by 19.55% on Thursday, Century Aluminum Company (CENX.US) rose by 3.38%, Hudbay Minerals (HBM.US) increased by 2.25%, and Teck Resources Limited (TECK.US) also recorded a gain of 0.74%. Goldman Sachs Group, Inc.'s latest research report indicates that traders generally maintain a bullish outlookduring the recent London Metal Exchange annual conference, most industry insiders expect copper prices to hit historical highs in the coming months, with some investors planning to add positions when prices exceed $10,900 per ton. Goldman Sachs Group, Inc. analysts specifically emphasized the potential significant tightening effect between short-term COMEX and LME arbitrage mechanisms outside the United States physical markets, posing temporary upside risks to LME copper prices in the range of $10,000-11,000 per ton. Chile's Antofagasta released conservative production guidance for the day, with production expected to be at the lower end of the target range for the current year, and next year's production target below market consensus expectations. This week, TD Cowen raised its 2026 Comex copper price target from $4.40 per pound to $5.25 per pound, and predicted a supply deficit of 222,000 metric tons, primarily due to production issues at Freeport's Grasberg mine in Indonesia, Teck's Quebrada Blanca mine in Chile, and Ivanhoe's Kakula mine in the Congo.