Europe Metals & Mining: Lifting Copper Prices on Ex-US Tightness Ahead of US Tariff Catalyst

Goldman Sachs analysts have updated their outlook for the European Metals & Mining sector, reflecting a tighter ex-US copper supply-demand balance and revised price forecasts.

Key Takeaways

• 1.The GS commodities team projects a tighter ex-US copper market in 2026-2027 due to reduced mine supply and increased US import volumes.
• 2.Anticipated US tariff outcomes serve as a key near-term catalyst for price volatility in the LME copper market.

Table of Contents

• Revisions to commodity and FX forecasts
• NAV, EPS and price target changes
• Valuation methodology and investment risks
• Stock investment summaries
• Disclosure Appendix