Goldman Sachs has released a report forecasting a decline in copper prices in 2026, despite growing demand from power infrastructure and constrained mine supply growth that are expected to support prices over the long term. The report projects that the price of copper on the London Metal Exchange (LME) will reach $15,000 per metric ton by 2035, indicating a bullish long-term outlook for the metal.
The near-term bearish forecast comes amid expectations of a temporary oversupply or weakening demand, though the report does not specify exact reasons for the anticipated decline. However, the long-term outlook remains positive due to copper's critical role in electrification and renewable energy infrastructure, which is driving structural demand growth. The report notes that constrained mine supply growth will further underpin prices over time.
This outlook benefits companies positioned to capitalize on rising copper demand, such as Torr Metals Inc. (TSX.V: TMET), which are well-positioned to leverage long-term price increases. The report suggests that investors should focus on companies with strong project pipelines and exposure to copper, as the metal is essential for global energy transition efforts.
Goldman Sachs' analysis underscores the dichotomy between short-term price fluctuations and long-term structural trends in commodity markets. While copper prices may face headwinds in 2026, the fundamental drivers of demand from power grid upgrades and electric vehicle production remain robust. The report's projection of $15,000 per metric ton by 2035 reflects confidence in copper's sustained demand growth.
For investors, the key takeaway is to monitor supply-side constraints and demand dynamics from emerging technologies. Companies like Torr Metals, which are advancing copper projects, could benefit from favorable long-term pricing. The full report is available through Goldman Sachs, and additional updates on Torr Metals can be found in the company's newsroom.
This analysis comes from MiningNewsWire, a platform focused on developments in the global mining and resources sectors. For more information, visit MiningNewsWire.
