Geomechanics.io

  • Free Tools
Sign UpLog In
AllGeotechnicalMiningInfrastructureMaterialsHazardsEnvironmentalSoftwarePolicy

Geomechanics.io

Geomechanics, Streamlined.

© 2026 Geomechanics.io. All rights reserved.

Geomechanics.io

CMRR-ioGEODB-ioHYDROGEO-ioQCDB-ioFree Tools & CalculatorsBlogLatest Industry News

Industries

MiningConstructionTunnelling

Company

Terms of UsePrivacy PolicyLinkedIn
    Projects

    Goldman on copper above $11,000/t: price path and project signals for engineers

    December 4, 2025|

    Reviewed by Joe Ashwell

    Goldman on copper above $11,000/t: price path and project signals for engineers

    First reported on MINING.com

    30 Second Briefing

    Copper’s surge above $11,000/t on the LME, including a record $11,540/t print, is unlikely to persist, with Goldman Sachs analysts led by Aurelia Waltham projecting 2025 prices constrained to a $10,000–$11,000/t range and a modest 2026 surplus of about 160,000 t. The bank sees no structural global shortage before at least 2029, noting 2025 demand remains roughly 500,000 t below supply and warning that Chinese consumption could fall nearly 8% year-on-year in Q4. Mercuria’s Kostas Bintas, by contrast, flags “extreme” market dislocations from US-bound flows that could leave non-US markets short of copper cathodes.

    Technical Brief

    • Copper briefly printed a record $11,540/t on the London Metal Exchange before analyst pushback.
    • Goldman attributes the rally to expectations of future tightness, not current physical fundamentals.
    • Mercuria reports “ongoing US-bound flows” are draining cathode availability in China and other regions.
    • Kostas Bintas warns non‑US markets could “be left without copper cathodes” under current trade flows.
    • Goldman flags “critically low” inventories outside the US but expects relief via higher regional premiums.
    • Tighter LME spreads are cited as a mechanism to redirect metal towards deficit regions without true shortage.
    • Disruptions at major copper mines through 2025 have constrained supply even as overall demand growth softens.

    Our Take

    Copper is one of the most heavily covered commodities in our mining database, and price calls like Goldman Sachs Group’s tend to feed directly into deferral or redesign decisions on marginal copper projects tagged under 'Projects', especially in the US and Latin America.

    A forecast 8% year-on-year slump in Chinese copper consumption in Q4 implies that developers in Europe and the United States may lean harder on non-Chinese demand drivers (grid upgrades, data centres, defence) when justifying new copper capacity to financiers.

    The presence of antimony alongside copper and gold in this piece aligns with a small cluster of critical-mineral stories in our coverage, signalling that traders such as Mercuria Energy Group are increasingly framing base-metal outlooks together with strategic minor metals rather than in isolation.

    Geotechnical Software for Modern Teams

    Centralise site data, logs, and lab results with GEODB-io, CMRR-io, and HYDROGEO-io.

    No credit card required.

    • Save and export unlimited calculations
    • Advanced data visualisation
    • Generate professional PDF reports
    • Cloud storage for all your projects

    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

    Related Articles

    Mining
    about 11 hours ago

    Fluor and WSP on USA Rare Earth’s Round Top: design and risk notes for mine teams

    USA Rare Earth Inc has appointed Fluor Corp and WSP Global Inc as EPCM partners to advance the definitive feasibility study for its Round Top rare earth project in Texas, targeting heavy rare earths and critical magnet materials. The mandate covers process plant, mine infrastructure and associated large-scale infrastructure delivery, drawing on Fluor’s mining and processing design capability and WSP’s experience in complex project execution. For geotechnical and civil teams, early EPCM involvement signals imminent definition of pit design, waste storage, haul roads and water management concepts ahead of permitting and financing.

    Mining
    about 12 hours ago

    CIMIC–Hindustan Zinc tailings recycling project: design notes for mine engineers

    CIMIC Group subsidiaries Sedgman and Leighton Asia have secured separate contracts from Hindustan Zinc Limited to help deliver India’s first zinc tailings recycling facility at the Rampura Agucha Mine in Rajasthan. Sedgman will focus on process plant and tailings treatment infrastructure, while Leighton Asia will provide project delivery and construction services for the brownfield site. The project signals large-scale reprocessing of legacy zinc tailings at one of the world’s largest zinc operations, with implications for paste backfill design, tailings storage stability and metal recovery circuits.

    Argent high-grade silver and peers: exploration takeaways for mine planners
    Mining
    about 21 hours ago

    Argent high-grade silver and peers: exploration takeaways for mine planners

    Exploration activity across Australia this week includes Argent Minerals reporting high-grade silver intercepts at its Kempfield project in New South Wales, with mineralisation extending along strike from existing volcanogenic massive sulphide-style resources. Kalamazoo Resources advanced drilling at its gold targets in the Pilbara and Central Victorian Goldfields, focusing on structurally controlled lodes near historic workings and testing down-dip extensions below old stopes. Adelong Gold continued resource-definition work at the Adelong project in NSW, targeting shear-hosted quartz veins to upgrade JORC classifications and refine pit and underground designs.

    Related Industries & Products

    Mining

    Geotechnical software solutions for mining operations including CMRR analysis, hydrogeological testing, and data management.

    CMRR-io

    Streamline coal mine roof stability assessments with our cloud-based CMRR software featuring automated calculations, multi-scenario analysis, and collaborative workflows.

    HYDROGEO-io

    Comprehensive hydrogeological testing platform for managing, analysing, and reporting on packer tests, lugeon values, and hydraulic conductivity assessments.

    GEODB-io

    Centralised geotechnical data management solution for storing, accessing, and analysing all your site investigation and material testing data.