Goldman Sachs: Raised Copper Price Forecast for December 2025, Remains Bearish on Aluminum Prices Over the Next 12 Months

On Thursday, November 20, Goldman Sachs raised its copper price forecast for December 2025 to $10,610 per mt from $10,385 per mt, reflecting the upward trend in Q4.

The bank maintained its price range of $10,000-11,000 per mt for 2026-2027, citing expectations of a slight surplus in the market.

However, it predicts that a supply deficit will emerge in the latter part of this decade, driven by intensifying resource constraints and accelerating demand in key sectors, which will push prices higher.

Goldman Sachs stated that its long-term copper price forecast for 2035 is $15,000 per mt, higher than the market consensus and forward contract prices (around $10,390 per mt), as the bank assumes that long-stalled mining projects will fail to commence production.

Goldman Sachs remains bearish on aluminum prices over the next 12 months, expecting prices to fall to $2,350 per mt by Q4 2026, as new supply will push the market into a surplus.

The bank noted that although aluminum prices are expected to rebound thereafter, they are unlikely to return to current levels until the early part of the next decade.

"We have extended our long-term aluminum price forecast, expecting prices to fluctuate within a range of $2,900-3,400 between 2030 and 2035," the bank said.

(Wenhua Composite)