Goldman Sachs(US:GS) Wen Hua Cai Jing·2025-11-21 00:38Group 1 - Goldman Sachs raised its 2025 copper price forecast from $10,385 per ton to $10,610 per ton, reflecting an upward trend in the fourth quarter [1] - The bank maintains a price range of $10,000 to $11,000 per ton for 2026-2027, anticipating a slight market surplus [1] - A supply deficit is expected in the latter part of this decade due to increasing resource constraints and accelerated demand in key sectors, driving prices higher [1] Group 2 - Goldman Sachs projects a long-term copper price of $15,000 per ton by 2035, which is above market expectations and forward contract prices of approximately $10,390 per ton, based on the assumption that long-delayed mining projects will not come online [1] - The bank remains bearish on aluminum prices for the next 12 months, forecasting a decline to $2,350 per ton by the fourth quarter of 2026 due to new supply leading to market oversupply [1] - Although aluminum prices are expected to recover thereafter, they are not anticipated to return to current levels until the early part of the next decade, with long-term forecasts predicting prices to fluctuate between $2,900 and $3,400 per ton from 2030 to 2035 [1]