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Goldman Sachs Copper Forecast

One copper price forecast claims that the precious metal could see a spike in value as the switch to renewable energy increases demand.

Stacks of copper tubing
Source: Shutterstock
Goldman Sachs is behind today’s news with a forecast claiming that copper could hit a price of $15,000 per ton by the time 2025 rolls around. If true that would mean copper’s value would increase by roughly 66% during that period.

Here’s why investors should take note of copper.

The forecast for the price of copper increasing ties back to the push for renewable energy from President Joe Biden’s Administration.
That includes rejoining the Paris Agreement, as well as a push to boost the U.S.’s renewable energy markets.
That’s not all. Goldman Sachs also believes that the copper industry isn’t ready for the massive demand that’s coming.
The firm says that output hasn’t risen to meet demand due to the pandemic last year.
That’s also a factor that could play into its copper price forecast becoming a reality, reports Markets Insider.
Goldman Sachs metals strategist Nicholas Snowdon said the following about copper in a statement collected by Mining.com.

“We are in a supercharged, synchronized global demand surge. Chinese demand remains very strong, growing at 4% this year, underpinned by strength in infrastructure investment, strong completion phase in the property sector, and also strong recovery in consumer-led sectors.”