Copper Rally Continues as Goldman Forecasts 2025 Price Peak by August

Copper prices extended their upward momentum this week, driven by strong investor sentiment and tightening global supply. The rally comes as Goldman Sachs issued a bullish forecast, predicting that copper will reach its 2025 price peak as early as August. According to Goldman’s latest commodities outlook, increasing demand from the energy transition—particularly for electric vehicles, renewable energy infrastructure, and power grid expansion—is expected to push copper prices higher in the near term. At the same time, supply constraints in key producing regions, including Chile and Peru, continue to limit output and add pressure to global inventories. “Copper is entering a structurally tighter market,” Goldman analysts wrote. “We expect the price to climb significantly over the next two months before peaking in August.” On the London Metal Exchange, copper futures climbed to $10,320 per metric ton, up nearly 3% on the week. Prices have rebounded sharply since dipping in early May amid global macroeconomic uncertainty. Traders and manufacturers alike are now watching for key economic data from China, the world’s largest copper consumer, which could further influence demand expectations heading into the second half of the year. Analysts also point to speculative inflows and hedging activity as contributing factors to the recent surge. If Goldman’s forecast proves accurate, copper could hit its highest level since the all-time peak seen during the post-pandemic recovery in 2022.

ECONOMICS