Goldman Sachs raised its year-end copper price forecast and at the same time expressed a bearish outlook on aluminum prices.

Goldman Sachs has just raised its target for copper prices in December 2025 to $10,610 per ton, showing its optimistic outlook on the future of copper prices; at the same time, the bank expects aluminum prices to soften as new supply enters the market. Goldman Sachs forecasts a continued shortage of copper supply, with demand from key sectors such as renewable energy and electric vehicles expected to continue growing. The bank maintains its expectations for copper prices to range from $10,000 to $11,000 per ton in 2026 to 2027, and anticipates a long-term target of $15,000 per ton by 2035 - significantly higher than most other forecasts. This bullish view is based on the expectation that many delayed mining projects will be shelved, leading to future supply shortages. On the other hand, Goldman Sachs expects aluminum to face challenges: with anticipated new supply, the bank now predicts aluminum prices to fall to $2,350 per ton by the end of 2026, and not rebound to 2025 levels until sometime in the next decade. As the pace of transitioning to clean energy accelerates, metals such as copper are becoming key drivers of global economic growth - from electric vehicles to smart grids, they are ubiquitous. Goldman Sachs' forecast indicates that project delays and supply chain gaps are affecting the entire economy. For governments and companies focused on long-term infrastructure development, ensuring a stable supply of these critical resources is rapidly becoming a strategic imperative.