Copper flat as China caution outweighs US stockpiling, Goldman upgrade
XLB•Copper was flat in London as cautious Chinese buying offset Goldman Sachs’ higher price forecasts and rising US inventories ahead of potential import tariffs. Goldman raised its end-2026 forecast to $14,700 a ton and its 2027 average forecast to $15,400.
1. Copper prices steady
Three-month copper on the London Metal Exchange was flat at $14,339.50 a metric ton, while the most-traded November contract in Shanghai fell 0.53% to 109,270 yuan a ton as of 0330 GMT.
2. Goldman raises forecasts
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.
3. Inventories and China demand
Comex copper inventories reached 791,679 short tons, or about 718,200 tons, on Monday amid stockpiling ahead of potential US import tariffs. In China, the 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.
