According to SMM, Goldman Sachs has reversed its previous bullish stance on copper prices, indicating its exit from the long-term bullish position in copper and cutting its price forecast for 2025 by nearly US$5,000 due to reduced demand. Goldman Sachs has been one of the largest bulls for copper. Media reported that the bank's analysts Samantha Dart and Daan Struyven said in an email this week that they expect copper prices to average US$10,100 per tonne next year. Although this expectation is still higher than the current price of approximately US$9,200 per tonne on the London Metal Exchange, it is lower than the bank's previous target of US$15,000 per tonne.