Goldman Sachs(US:GS) Wen Hua Cai Jing·2025-10-11 00:23Core Insights - LME copper prices fell due to concerns over escalating global trade tensions, with three-month copper down $349.5 or 3.22%, closing at $10,518.0 per ton [1] - The price had previously approached historical highs, reaching nearly $11,000 [1] Price Movements - Three-month copper: $10,518.00, down $349.50 or 3.22% [2] - Three-month aluminum: $2,748.00, down $50.50 or 1.80% [2] - Three-month zinc: $3,001.50, down $9.00 or 0.30% [2] - Three-month lead: $2,020.50, down $9.50 or 0.47% [2] - Three-month tin: $36,173.00, down $887.00 or 2.39% [2] Supply and Demand Dynamics - Following Freeport's declaration of force majeure at the Grasberg copper mine in Indonesia, there was a surge of investment in the copper market [4] - Chile's state-owned copper company Codelco reported a 25% year-on-year drop in August production due to a fatal collapse [4] - Demand for industrial metals remains weak, limiting price increases, with copper inventories in China rising 15% since late September [5] - The copper premium in Yangshan remained stable at $49 per ton, the lowest since August 19 [5] Future Price Projections - Goldman Sachs forecasts copper prices to remain between $10,000 and $11,000 per ton for the 2026/2027 period due to market oversupply, but maintains a positive long-term outlook [5] - In the nickel market, Goldman Sachs predicts a 6% price drop to $14,500 per ton by December 2026, requiring further profit margin reductions from Indonesian producers to address oversupply [5] - The aluminum market is expected to face oversupply starting mid-2026, with prices projected at $2,350 per ton by Q4 2026, not recovering to current levels until 2030 [5]