Copper is back in the spotlight after two of Wall Street’s biggest commodity bulls, Goldman Sachs and Citi, significantly raised their price forecasts, warning that worsening mine disruptions and tightening global supplies could trigger another major rally in the red metal.
The renewed optimism comes as copper faces mounting supply challenges across some of the world’s most important mining regions. Both banks pointed to operational disruptions at the Kamoa-Kakula mine in the Democratic Republic of Congo and production setbacks at Indonesia’s Grasberg mine, two critical sources of global copper supply. Goldman Sachs has reportedly cut its 2026 global mine supply forecast by 350,000 tonnes, arguing that neither operation is likely to return to full capacity before 2028.
As a result, Goldman Sachs now expects copper prices to climb sharply, while Citi has become even more aggressive in its outlook. Citi recently raised its near-term forecast to $14,500 per tonne and sees prices potentially reaching $15,000 per tonne within the next six to twelve months.
The bullish case is not being driven by supply concerns alone.
Demand continues to receive powerful support from several long-term structural trends. Copper remains indispensable for power grids, renewable energy projects, electric vehicles, battery systems, and the rapid buildout of artificial intelligence infrastructure. As countries accelerate electrification and digitalization efforts, copper consumption is expected to remain robust for years to come.
Analysts also note that global manufacturing indicators have begun improving, providing an additional tailwind for industrial metals demand. Citi highlighted strengthening manufacturing activity and resilient infrastructure spending as factors that could further tighten the market.
The supply-demand imbalance is becoming increasingly difficult to ignore. Citi now forecasts a global copper market deficit of roughly 360,000 tonnes in 2027, while several industry analysts believe structural shortages could persist throughout the decade if new mining projects fail to keep pace with demand growth.
Copper has already delivered one of its strongest performances in recent years. After surging nearly 40% during 2025, the metal entered 2026 with inventories under pressure and traders increasingly focused on long-term shortages rather than short-term economic cycles.
For manufacturers, wire and cable producers, electrical equipment suppliers, and infrastructure developers, the latest forecasts could signal another period of raw material cost volatility. For miners and commodity investors, however, Wall Street’s latest call suggests the copper bull market may be far from over.