Goldman Sachs raises end-2026 copper price forecast to $14,700 per tonne

A single sell-side revision is not a market move, but the direction is a signal: Goldman is repricing copper's scarcity premium rather than its cyclical demand story, and that framing tends to spill into how miners, fabricators and copper-linked RWA products get valued. The revision also sits at the intersection of the two narratives driving metals right now — electrification demand and supply tightness — so it will be read as validation by both camps. Whether other banks follow with comparable upgrades, or Goldman's number stands alone, is the open question worth tracking.