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Copper extends gains as Goldman sees 2025 price peak in August

26th June 2025

By: Bloomberg

  

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Copper extended gains for a fifth day, after Goldman Sachs Group said it expected prices to rise to a 2025 peak of around $10 050 a ton in August, as supplies outside the US tighten.

Traders of copper are experiencing a major squeeze on the London Metal Exchange after premiums for spot contracts spiked. The supply tightness is being driven by record shipments to the US after proposals for tariffs fueled a surge in prices there, draining other inventories.

“The ex-US copper market has tightened, causing fears of a regional copper shortage despite the global market currently being in surplus,” Goldman analysts including Eoin Dinsmore wrote in a note on Thursday.

Prices are expected to keep rising due to tariff-driven reductions in stock outside the US and relatively resilient Chinese sentiment and activity, the Goldman analysts added. A 25% tariff implemented on US copper imports by September could then see copper decline to around $9 700 a ton by December, they said.

LME copper spreads have eased this week, taking some of the strain off buyers who’ve seen prices of spot contracts rising in recent days.

Copper rose 0.4% to $9 749 a ton on the LME as of 10:17 a.m. in Shanghai. Most other industrial metals were also higher, with nickel up 0.8% and aluminum gaining 0.2%.

Meanwhile, iron ore in Singapore slipped 0.2% to $92.55 a ton. Contracts in Dalian also dipped, along with steel futures in Shanghai.

Edited by Bloomberg

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