Copper flat as China caution outweighs US stockpiling, Goldman upgrade

Copper prices were little changed on Tuesday, Business Recorder reported, as Chinese buyers held back at current levels and offset a higher forecast from Goldman Sachs along with growing American inventories. On the London Metal Exchange, the three-month contract was unchanged at $14,339.50 a metric ton, while the most-active November Shanghai contract dropped 0.53% to 109,270 yuan ($16,360) a ton by 0330 GMT.

Goldman Sachs now sees the end-2026 copper price at $14,700 a ton, with its 2027 average at $15,400, pointing to weaker mine supply and tighter markets beyond the US. The bank expects shortfalls outside America of 950,000 tons in 2026 and 220,000 tons in 2027. Comex inventories climbed to 791,679 short tons, about 718,200 tons, on Monday as stockpiling ran ahead of possible US import duties.

BHP's copper production dropped 19% over the quarter to 400,700 tons because of setbacks in Chile and Australia, yet it left its annual guidance unchanged. Everbright Futures, a Chinese broker, suggested that hesitant buying at elevated prices and doubts over American tariffs could keep copper within a range. Among other LME metals, aluminium eased 0.25% and zinc gained 0.20%.