(Reuters) – Goldman Sachs anticipates a significant surge in U.S. copper net imports and inventories ahead of potential tariffs imposed by the Trump administration, the bank said in a note on Tuesday.
The bank forecasts an increase in copper net imports by 50-100% and a 200-300 kt rise in U.S. copper inventories by the end of the third quarter.
The bank further forecasts a 180 kt global copper market deficit in 2025, on firm electrification demand, China stimulus, and slower mine supply growth, with the deficit concentrated in the second half of the year due to seasonal factors.
“We maintain our forecast that the LME 3-month price will average $10,200/t in 2024 Q3, and see the impact of inventory dislocation predominantly in timespreads,” Goldman Sachs said.
(Reporting by Anmol Choubey in Bengaluru)
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