Goldman Sachs maintains Dec-25 LME copper price forecast at $9,700

Goldman Sachs maintains Dec-25 LME copper price forecast at $9,700

Goldman Sachs has maintained its December 2025 forecast for the London Metal Exchange (LME) copper price, predicting an average of $9,700 per tonne for the period. This forecast is based on several key factors influencing the copper market, including tariff-driven reductions in ex-US stocks and resilient Chinese sentiment and activity [1].

The copper price has been on a strong upward trajectory since April, reaching a new high of $10,000 per tonne in June. Goldman Sachs attributes this surge to the Section 232 investigation into US tariffs, which has led to an unusually wide gap between COMEX and LME prices. This gap has resulted in the US over-importing approximately 400,000 tonnes of copper since the start of the year [1].

The bank expects the copper price to peak at $10,050 per tonne in August, driven by the ongoing reduction in ex-US stocks and resilient Chinese demand. However, the bank also anticipates a decline to $9,700 per tonne by December, reflecting their base case scenario of a 25% tariff being implemented on US copper imports by September [1].

Australia’s copper sector is also experiencing significant interest, with companies like Develop Global raising $180 million to fuel growth ambitions and New World Resources (ASX:NWC) at the center of a bidding war. Hillgrove Resources, considered one of the most undervalued options on the ASX, has been quietly making progress with its Kanmantoo mine in South Australia, achieving record production in the March quarter [1].

These developments highlight the continued demand and investment opportunities in the copper market, with Goldman Sachs’ forecast providing a valuable insight into the expected price dynamics in the coming months.

References:
[1] https://stockhead.com.au/resources/coppers-a-red-hot-bet-for-the-rest-of-2025/