Goldman Sachs Group Inc. said copper faces further downside risk if Strait of
Hormuz disruptions persist, citing elevated energy costs and weaker global
growth prospects tied to Donald Trump’s Iran deadline. Analysts including
Aurelia Waltham said prices remain above fair value near $11,100 a ton despite a
7% decline. The bank expects reopening from mid-April but warned fundamentals do
not justify current levels. Goldman cut its 2026 average forecast to $12,650 a
ton from $12,850, noting downside risks in a severe macro scenario.
