Copper Tops $14,000 With Banks Calling for Even More Upside

Copper is trading just above $14,000 a ton in London, roughly $500 shy of its all-time high set in January, and Wall Street thinks it has further to run. Goldman Sachs lifted its end-2026 copper price target by more than 10% this week, raising its forecast to $13,735/ton from a previous $12,465/ton. The revision is driven by a weaker-than-expected supply outlook: the bank slashed its global mine supply estimate by 350,000 tons, citing ongoing operational disruptions at Indonesia's Grasberg complex and Ivanhoe Mines' Kamoa-Kakula operation in the…