Goldman Sachs(US:GS) Ge Long Hui·2025-09-25 03:07Core Viewpoint - Goldman Sachs has revised down its global copper mine supply forecasts for the second half of 2025 by 160,000 tons and for 2026 by 200,000 tons, indicating a bearish outlook for copper production growth in the near term [1] Group 1: Supply Forecast Adjustments - The copper production growth expectations for 2025 and 2026 have been lowered to year-on-year increases of 0.2% and 1.9%, respectively, down from previous expectations of 0.8% and 2.2% [1] - The latest adjustments imply an upward risk to the forecast for LME copper prices in December 2025, which is set at $9,700 per ton [1] Group 2: Price Predictions - Copper prices are expected to stabilize in the range of $10,200 to $10,500 per ton [1] - The long-term bullish forecast for copper prices before 2027 is set at $10,750 per ton [1]