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Reported here with sources, not our own prediction. This page summarises what independent analysts, Goldman Sachs specifically, have publicly forecast for copper prices, and the reasoning behind it, not a view ScrapTrade holds or endorses.
Not financial or investment advice. This is a summary of published third-party analysis, not a recommendation to buy, sell, or hold anything. Forecasts change as new information comes in, treat this as informed context, not a guarantee.
2027
US$13,800/tonne
Goldman Sachs average forecast, raised from an earlier estimate
2029
US$12,000/tonne
Goldman Sachs forecast
2030
US$12,250/tonne
Goldman Sachs forecast
2035
US$15,000/tonne
Goldman Sachs long-term forecast
These figures moved up from Goldman's own earlier estimates, and the path between them isn't a straight line, it rises toward 2027, is expected to ease somewhat as supply constraints ease around 2028, then continues rising through the 2030s on Goldman's longer-term view. That non-linear shape is worth noting on its own, a forecast that moves in one direction the whole time is usually oversimplified.
The revision is attributed mainly to supply constraints, roughly 350,000 tonnes cut from global mine supply due to slower-than-expected recoveries at major operations. Two specific mines are cited: Grasberg in Indonesia and Kamoa-Kakula in the Democratic Republic of Congo, both not expected to return to full capacity until 2028. Goldman also expects the ex-US copper market specifically to run a deficit of around 170,000 tonnes in 2027, supply falling short of demand for that particular market in that year.
This sits against a backdrop worth remembering: copper already hit a record high on the London Metal Exchange in January 2026, roughly US$14,527 per tonne. A forecast easing toward 2028 before rising again isn't a contradiction of that record, it's a specific analyst's view of how a market that already spiked is likely to settle as the specific supply disruption behind the spike eases.
Beyond near-term supply disruptions, Goldman attributes more than 60% of copper demand growth through 2030 to grid expansion and power infrastructure investment, the physical buildout electrification and renewable energy actually require, not a speculative driver. That structural demand story is a large part of why the longer-term forecast (2035) sits well above the near-term figures despite the expected 2029 dip. It's also a similar underlying driver to the one behind electric arc furnace expansion, large-scale infrastructure investment showing up as real, structural demand for specific metals, not a coincidence that both trends point the same direction.
Not by trying to time a sale around a forecast for a year that hasn't arrived yet. A forecast describes an analyst's expectation for the broad market average, not the actual price you'll be offered for a specific lot on a specific day. For a real decision today, check the ScrapTrade Price Index for the current reference price, refreshed daily, and treat forecasts like this one as background context for understanding why the market is moving, not a signal to act on.
No. Every figure here is attributed to Goldman Sachs's published research, reported with a source, not generated or endorsed by ScrapTrade as our own forecast. We don't have a proprietary view on where copper prices are headed, and wouldn't publish one as if it were reliable if we did.
No. This page reports what an independent analyst has publicly forecast and explains the reasoning behind it. It isn't advice about when to buy, sell, or hold anything, and shouldn't be treated as a signal to act on. If you need investment advice, talk to a licensed advisor, not a scrap trading platform.
Because that's genuinely what the underlying analysis shows, not a simplification. Supply constraints are expected to ease somewhat as major mines like Grasberg and Kamoa-Kakula return to full capacity around 2028, which is part of why the forecast dips in 2029 before rising again toward 2035 as demand growth continues.
Unevenly, and that's worth being upfront about. Analyst forecasts get revised regularly as new information comes in, Goldman's own 2027 figure here is already a revision upward from an earlier estimate. Treat any forecast, including this one, as an informed view subject to change, not a guarantee.
The ScrapTrade Price Index shows a live reference price, refreshed daily, which is a far more reliable basis for a real decision today than any forecast for a future year.
Not a forecast for a future year, the live number for today.
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