Goldman Sachs Forecasts Copper Price Decline in 2026 Despite Long-Term Bullish Outlook

A recent report from Goldman Sachs anticipates a decline in copper prices next year, even as demand for the metal continues to grow from global power infrastructure development. This near-term forecast contrasts with the constrained growth in mine supply, which is expected to support prices over a longer horizon. The analysis suggests that while 2026 may see downward price pressure, the fundamental supply-demand dynamics favor a significant price increase in the coming decade.

The Goldman Sachs report projects that copper prices on the London Metal Exchange will reach $15,000 per metric ton by 2035. This long-term bullish outlook is driven by the metal's critical role in electrification and renewable energy infrastructure, combined with limited new mine development. The constrained supply growth creates a favorable environment for companies positioned to capitalize on future price increases, such as exploration and development firms in the mining sector.

This price forecast has significant implications for industries ranging from construction and manufacturing to renewable energy development. Copper's essential role in electrical wiring, motors, transformers, and renewable energy systems means that price fluctuations directly impact production costs across multiple sectors. The projected decline in 2026 could provide temporary relief for manufacturers and infrastructure developers, while the long-term price increase signals higher operational costs ahead for industries dependent on the metal.

For investors and market participants, the Goldman Sachs analysis highlights the complex dynamics shaping copper markets. The near-term price decline prediction suggests potential buying opportunities for long-term investors, while the 2035 price target of $15,000 per metric ton indicates substantial growth potential for well-positioned mining companies. The report's findings are particularly relevant given copper's status as a key indicator of global economic health and its increasing importance in the transition to cleaner energy sources.

The mining industry faces both challenges and opportunities according to this analysis. While near-term price pressures may affect revenue for producers, the long-term outlook supports continued investment in exploration and development. Companies with advanced projects or significant reserves could benefit from the projected price increases over the next decade. The full report and additional market analysis are available through Goldman Sachs research channels, while industry developments continue to be tracked by specialized communications platforms like MiningNewsWire.

Market observers note that copper price forecasts must consider multiple variables including global economic growth, technological advancements in mining and recycling, and policy developments affecting energy transition timelines. The Goldman Sachs report contributes to an ongoing conversation about how these factors will interact to determine copper's price trajectory. As the world continues to electrify transportation and build renewable energy infrastructure, copper's strategic importance only increases, making accurate price forecasting essential for planning across multiple industries.