On Monday EST, Goldman Sachs raised its forecast for copper prices in 2026, raising the 2026 average price forecast for copper from 10,650 US dollars to 11,400 US dollars per ton. The reason is that the risk of the US imposing copper import tariffs is still high, which will continue to support copper prices. Goldman Sachs estimates that the Trump administration is 55% likely to announce a 15% tariff on copper imports in the first half of 2026. The policy is expected to take effect in 2027, and the tariff may increase to 30% in 2028. Despite an increase in the 2026 copper price forecast, Goldman Sachs kept its 2027 copper price forecast unchanged at $10,750 per ton.

On Monday EST, Goldman Sachs raised its forecast for copper prices in 2026, raising the 2026 average price forecast for copper from 10,650 US dollars to 11,400 US dollars per ton. The reason is that the risk of the US imposing copper import tariffs is still high, which will continue to support copper prices. Goldman Sachs estimates that the Trump administration is 55% likely to announce a 15% tariff on copper imports in the first half of 2026. The policy is expected to take effect in 2027, and the tariff may increase to 30% in 2028. Despite an increase in the 2026 copper price forecast, Goldman Sachs kept its 2027 copper price forecast unchanged at $10,750 per ton.