Goldman Sachs: Copper may benefit from Iran-US conflict

On June 29, Goldman Sachs Group said metals, including copper, may benefit from the legacy of the Iraq-US war because the conflict supports some trends that drive demand, including electrification and defense spending. "The Iran conflict has ultimately strengthened many of the themes that support demand for electricity and metals beyond its impact on oil and gas," analysts Samantha Dart and Daan Struyven said. Analysts said that based on the bank's recent forecast, copper prices are currently expected to be US$13,735 per ton at the end of 2026, with an average price of US$13,800 per ton in 2027. The latest trading price of copper on the London Metal Exchange is US$13,420 per ton.