Goldman Sachs raises bullish copper forecasts, expects record demand growth

Copper prices could reach $15,000 per tonne within five years, boosted by a sharp rise in demand for the metal, which has been described by Goldman Sachs analysts as the “new oil” for its use in green technologies, in a report released on Tuesday April 13.

Goldman analysts, led by Nicholas Snowdon, have upgraded their 12-month price target for copper to $11,000 per tonne, predicting an average price of $9,675 per tonne in 2021. This was up from their previous expected average of $8,625 per tonne, predicted in December 2020. The bullish forecast also expected prices as high as $15,000 per tonne by 2025. “Moving the global economy toward net zero emissions remains a core driver of the...

Published

Imogen Dudman

April 15, 2021

14:12 GMT

London