Goldman Sachs said its 2027 copper price forecast of $15,400 a metric ton faces downside risks after the US midterm elections, citing AI-related positioning and lower US tariff expectations. It said copper could average around $14,600 or $14,500 a ton in 2027 under different scenarios.
Goldman Sachs said downside risks to its 2027 copper price forecast of $15,400 a metric ton stem mainly from AI-related market positioning rather than physical demand. It said investors have become more cautious about the AI boom amid concerns a Democrat-controlled Congress could slow AI investment and data-centre expansion.
If positioning stays at current levels, copper could average around $14,600 a ton in 2027, Goldman Sachs said. In another scenario, the bank estimated an average of around $14,500 a ton, with further downside if most US inventories built up this year flowed back to the rest of the world.
Goldman Sachs said lower tariff expectations put its US stockbuilding assumption at risk, while adding that a Democratic sweep would not eliminate tariff risk. Benchmark three-month copper on the London Metal Exchange was up 0.2% at $13,612 a ton but was headed for a weekly loss amid an AI rout.
