Copper flat as China caution outweighs US stockpiling and Goldman upgrade
BHP•Copper held steady on Tuesday as cautious buying in China offset Goldman Sachs' higher price forecasts and rising US inventories ahead of potential import tariffs. LME copper was flat at $14,339.50 a ton, while the most-traded Shanghai contract fell 0.53%.
1. Copper market steadies
Three-month copper on the London Metal Exchange was flat at $14,339.50 a metric ton, while the most-traded November copper contract on the Shanghai Futures Exchange fell 0.53% to 109,270 yuan ($16,360) a ton as of 0330 GMT.
2. Forecasts and inventories
Goldman Sachs raised its end-2026 copper price forecast to $14,700 a ton and its 2027 average forecast to $15,400, citing weaker mine supply and tightening markets outside the United States. It expects deficits outside the US of 950,000 tons in 2026 and 220,000 tons in 2027. Comex copper inventories reached 791,679 short tons, about 718,200 tons, on Monday amid stockpiling ahead of potential US import tariffs.
3. China buying and supply
China's Yangshan import premium stood at $137 a ton on Monday, while domestic spot premiums fell 115 yuan to 710 yuan a ton. Everbright Futures said cautious purchasing at high prices and uncertainty over US tariffs could keep copper trading within a range. BHP reported a 19% drop in quarterly copper output to 400,700 tons after disruptions in Chile and Australia, but maintained its annual guidance.
