Goldman has upgraded its copper price forecasts, saying market conditions could hit an 'unprecedented extreme.'
Goldman Sachs and Bank of America say copper could hit record highs in the coming year, as short-term supply tightness and long-term energy transition-related demand push the red metal north. Three-month copper futures on the London Metal Exchange were trading around $8,525 per metric ton on Friday in Europe. It comes after the metal posted its strongest month since April 2021 in November on hopes of a demand boost if China eases its zero-Covid policies.
Bank of America, meanwhile, has a $10,000 price forecast for the fourth quarter of 2023 — and said that if the right set of circumstances came together, it could hit $12,000/t next year. Such a scenario would require a pivot by the U.S. Federal Reserve toward less aggressive monetary policy tightening, limiting upside in the U.S. dollar , and demand to remain supported as the planned energy transition accelerates.
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