Goldman Sachs Raises 2026 LME Copper Price Forecast to $13,735/Ton; Citibank Targets $15,000

According to Goldman Sachs and Citibank on June 1, major banks upgraded copper price forecasts. Goldman Sachs raised its end-2026 LME copper price target to $13,735 per metric ton, while Citibank increased its near-term target to $14,500 per metric ton with a 6-12 month goal of $15,000.

Meanwhile, Japan reported significant energy headwinds. Japan's April naphtha output fell 22.8% year-over-year, and April crude oil imports hit the lowest level on record, signaling reduced demand pressure.