Core Viewpoint - The article highlights a significant misjudgment by Goldman Sachs regarding copper price predictions, particularly in light of President Trump's tariff announcements, which led to a historic drop in copper prices [1][3]. Group 1: Goldman Sachs' Actions and Predictions - Goldman Sachs recommended clients to buy short-term call options on copper, anticipating a 50% tariff on copper, which would lead to a price increase [1][8]. - The firm believed that the implementation of the 50% tariff would widen the price gap between COMEX and LME copper prices to 35%-40% [7]. - Following the announcement of limited tariffs, Goldman Sachs had to send a "mea culpa" email to clients acknowledging their error in judgment [2]. Group 2: Market Reaction and Impact - The copper market experienced a dramatic 22% drop in price, marking the largest decline in recorded history, which was double the previous record [3]. - Other banks, such as Citigroup, also misjudged the market, indicating a broader issue within the financial sector regarding copper trading strategies [5]. - Despite some clients expressing concerns about potential tariff exemptions, Goldman Sachs maintained that the price gap between the two markets would continue to expand [6]. Group 3: Contradictory Analysis - There was a discrepancy between Goldman Sachs' sales team and its research analysts, with the latter suggesting that "mineral diplomacy" could lead to tariff exemptions and recommending profit-taking on previous trades [9].