Goldman Sachs(US:GS) Wen Hua Cai Jing·2025-10-31 00:44Group 1 - Goldman Sachs indicates that the copper market fundamentals suggest a reasonable consolidation at the upper end of the price forecast range of $10,000 to $11,000 per ton, with any significant breakout unlikely to be sustained [1] - On Wednesday, copper prices surged to $11,200 per ton due to supply concerns and improved trade outlook, surpassing the previous record high of $11,104.50 per ton [1] - The investment bank does not foresee a tightening of copper market fundamentals in the next six months, predicting a slight supply surplus in 2026 even with a significant drop in global refined copper production [1] Group 2 - Goldman Sachs aligns its forecast of $10,500 per ton for copper in 2026 with the expectation that if visible copper inventories do not continue to decline, investors may start to liquidate long positions in early 2026 [2] - Despite tight positions among LME copper investors, the open interest in COMEX remains low compared to the peak in Q2 2024, indicating potential for further entry into the COMEX copper market, which may temporarily push LME copper prices higher [2] Group 3 - As the world's largest copper consumer, China faces three major challenges: increasing reliance on foreign upstream resources, excess capacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [3]