The metal frenzy sweeps through the US stock market! The copper and aluminum sectors welcome their "shining moment," with Goldman Sachs and Cowen both bullish on copper prices
Driven by better-than-expected earnings and a sharp surge in copper and aluminum futures prices, Alcoa Corporation closed up 12.59%, and Freeport McMoRan rose 1.10%. Comex copper futures contracts traded up 2.1% to $5.10 per pound, while aluminum futures contracts increased 1.8% to $2,860 per ton. Goldman Sachs and TD Cowen are both optimistic about copper prices, expecting them to hit historical highs in the coming months, and have raised their 2026 Comex copper price target to $5.25 per pound
According to Zhitong Finance APP, on October 23, 2025 (Thursday), driven by better-than-expected earnings and a sharp rise in copper and aluminum futures prices, Alcoa Corporation (AA.US) closed up 12.59%, while Freeport-McMoRan Copper & Gold Inc. (FCX.US) rose 1.10%. On that day, Comex copper futures contract prices increased by 2.1% to $5.10 per pound, approaching the high range since U.S. President Trump unexpectedly decided not to impose a 50% tariff on raw copper imports in July; aluminum futures contract prices also rose by 1.8% to $2,860 per ton, as the market supply and demand pattern continued to tighten.
Driven by rising metal prices, Kaiser Aluminum (KALU.US) surged 19.55% on Thursday, Century Aluminum (CENX.US) rose 3.38%, Hudbay Minerals (HBM.US) increased by 2.25%, and Teck Resources Limited (TECK.US) also recorded a 0.74% gain.
Goldman Sachs' latest research report pointed out that traders generally maintain a bullish outlook—at the recent London Metal Exchange annual meeting, most industry insiders expect copper prices to hit historical highs in the coming months, with some investors planning to add positions when prices break through $10,900 per ton.
Goldman Sachs analysts particularly emphasized that the positive arbitrage mechanism between COMEX and LME in the short term may create a substantial tightening effect on physical markets outside the U.S. and pose temporary upward risks to the LME copper price forecast range of $10,000-$11,000 per ton. Chile's Antofagasta released conservative production guidance on the same day, indicating that the company expects this year's production to be at the lower end of its target range, and next year's production target to be below market consensus expectations.
TD Cowen this week raised its 2026 Comex copper price target from $4.40 per pound to $5.25 per pound, predicting a supply gap of 222,000 metric tons, primarily due to production issues at Freeport's Grasberg mine in Indonesia, Teck's Quebrada Blanca mine in Chile, and Ivanhoe's Kakula mine in the Congo
