Goldman Sachs(US:GS) 智通财经网·2025-06-26 04:04Core Insights - LME copper prices have risen for five consecutive trading days, hovering around $9,700, with Goldman Sachs predicting a peak of approximately $10,050 per ton by August 2025 due to tightening supply outside the U.S. caused by tariffs [1] - The demand for copper is expected to surge due to the ongoing AI data center construction, which requires significant amounts of copper for infrastructure [1][3] - Concerns over potential tariffs on copper imports by the U.S. government have led to a decrease in external inventories, further tightening the copper market [2] Group 1: Market Dynamics - The LME spot price for copper has seen a significant premium, indicating severe pressure on traders due to supply constraints exacerbated by U.S. tariffs [1] - The U.S. government's potential 25% tariff on copper imports could lead to a temporary increase in prices, followed by a possible decline to around $9,700 per ton by December due to inventory buildup [2] - The price gap between LME spot and three-month futures has eased, reducing pressure on buyers from soaring spot prices [3] Group 2: Demand Drivers - Copper is essential for various sectors, including power, construction, industrial machinery, and transportation, which are critical to global economic activity [3] - The construction of data centers, driven by AI and digital transformation, is expected to create explosive demand for copper, as these facilities rely heavily on copper for power transmission and cooling systems [4] - The CEO of BHP has projected that demand for copper from data centers could increase sixfold by 2050, rising from approximately 500,000 tons per year to nearly 3 million tons [4]