US bank expects commodity to average $10,100 a tonne in 2025, sharply lower than its earlier forecast of a record $15,000
Goldman Sachs has slashed its 2025 forecast for the copper price by a third, as the fall in Chinese demand for the red metal clouds the profit outlook for leading miners. The US bank warned this week that the expected rally in the copper market would not materialise as the Chinese property rout depresses demand for commodities. It now expects copper to average $10,100 a tonne next year, sharply lower than its prediction four months ago that it would hit an all-time high of $15,000.
While it has been at the centre of investor focus because of the expected surge in demand, BHP acknowledged in its annual commodities outlook released last week that the copper market would be in a marginal surplus this year and an even bigger one next year. The metal has sunk almost 20 per cent since May to about $8,950 per tonne, sparking a wave of pessimism among the biggest lenders about the medium-term outlook for a metal used in everything from renewables to power grids.
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