Big Banks Raise Copper Targets

Citi and Goldman Sachs have turned more bullish on copper, with both banks raising their price forecasts as tariff uncertainty continues to support the market.

Citi analysts said on Monday that they now expect copper to reach $14,500 per metric ton next month and $15,000 per metric ton within a year, marking the bank’s first bullish call on the metal in 2026.

Goldman Sachs also raised its year end copper price target to $13,735 per metric ton, up from its previous forecast of $12,465.

A key risk to these forecasts is the Trump administration’s decision on whether to continue with its staged introduction of levies, beginning at 15% on the first day of 2027. The U.S. Commerce Secretary has until June 30 to provide an updated recommendation to President Donald Trump.