Copper Tops $14,000 as Banks See Further Upside
Copper traded above $14,000 per ton in London, nearing its all-time high, as Goldman Sachs raised its price target on supply disruptions at major mines.
Copper prices surged past $14,000 per ton in London on Wednesday, hovering just $500 below the all-time high set in January, as Wall Street banks turned increasingly bullish on the red metal.
Goldman Sachs raised its end-2026 copper price target by more than 10% this week, lifting its forecast to $13,735 per ton from $12,465. The revision reflects a sharply weaker supply outlook: the bank slashed its global mine supply estimate by 350,000 tons, citing ongoing operational disruptions at Indonesia's Grasberg complex and Ivanhoe Mines' Kamoa-Kakula operation in the Democratic Republic of Congo. Neither mine is expected to return to full capacity before 2028. Grasberg, the world's second-largest copper mine, has faced prolonged outages, tightening the concentrate market. For traders, the supply squeeze reinforces a bullish structural narrative for copper, which is also benefiting from rising demand linked to electrification and renewable energy infrastructure. Check NowPrice's commodities page for live copper quotes and price action.
Looking ahead, the market will focus on upcoming Chinese economic data, particularly industrial production and copper imports, as China accounts for over half of global refined copper demand. Any signs of stimulus or stronger-than-expected activity could push prices toward a new record. Meanwhile, mine supply news from Grasberg and Kamoa-Kakula will remain a key driver, with any further disruptions likely to add to upside pressure.