JPMorgan Cuts Gold Price Forecast, Sees Bullion Reaching $4,500 by End of 2026 
Goldman Sees Foreign Investors Driving India Stock Market Recovery 
Goldman Sachs Raises USD/JPY Forecast, Sees Yen Weakness Persist Through 2027 
Bernstein Names IAG, Ryanair as Top European Airline Stocks Ahead of Earnings 
Oil Prices Surge as U.S.-Iran Conflict Escalates and Strait of Hormuz Risks Grow 
Dollar Holds Steady Ahead of U.S. CPI as Oil Surge, Middle East Tensions Keep Markets on Edge 
Asian Currencies Weaken as Stronger Dollar Weighs, Yen Supported by GPIF Repatriation Hopes 
Citi Raises TSMC Price Target as AI Chip Demand Strengthens Growth Outlook 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
Australia Consumer Sentiment Rises in July as Fuel Price Relief Lifts Confidence 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
Asian Stocks Slide as Oil Surge, U.S.-Iran Tensions and Fed Rate Bets Weigh on Markets 
Dollar Eases as Middle East Conflict, Fed Outlook and Japan Pension Policy Drive FX Markets 
Goldman Sachs has revised its 2026 copper price outlook downward, now projecting an average of $12,650 per tonne compared to its earlier estimate of $12,850. The adjustment reflects softer global demand expectations tied to weaker economic growth, though the investment bank continues to hold a bullish long-term view on the red metal, anchored by accelerating electrification trends worldwide.
The bank now forecasts a global copper market surplus of 490,000 tonnes for the year, widening from its previous projection of 380,000 tonnes. This shift comes after Goldman trimmed its global refined copper demand growth estimate to 1.6% year-on-year, down from 2%, partly in response to economists flagging a 0.4 percentage point drag on global GDP growth from energy price disruptions linked to Middle East tensions.
Notably, Goldman's demand cut for copper is more modest than the one applied to aluminium. Analysts explained that copper's growing structural importance in the global economy makes it less reactive to cyclical downturns. In the near term, the bank expects price volatility to persist but anticipates support if geopolitical conditions stabilize. Under its base scenario, copper is forecast to average $12,700 in the second quarter of 2026 before settling toward a fair value of $12,000 in the second half of the year.
Analysts also cautioned that current copper prices remain elevated relative to the bank's 2026 fair value estimate of around $11,100, making the commodity vulnerable to sharper declines if the economic environment weakens further and investors shift away from risk assets. Supply-side risks are also on the radar, particularly regarding the Democratic Republic of the Congo, which produces roughly 15% of global copper mine output and depends on sulfur shipped through the Strait of Hormuz.
Despite near-term headwinds, Goldman's long-term copper thesis remains intact. The bank projects prices climbing to $15,000 per tonne by 2035, supported by robust demand from grid infrastructure and energy systems, which together account for 60% of projected global copper demand growth through 2030.
