Latest Market Alert | 22 April 2026
Executive Summary
Goldman Sachs has maintained its copper price forecast, but warned that continuing disruption through Hormuz, combined with China’s sulphuric-acid export ban from 1 May, could create supply stress in a market critical to copper production.
What Happened
Goldman said sulphur and sulphuric acid are key inputs for solvent extraction and electrowinning, which account for 17% of global copper supply. Reuters reports the bank sees the Democratic Republic of the Congo and Chile as most exposed, with DRC producers holding only two to three months of inventory and Chile facing additional risk from China’s export ban.
Why It Matters Commercially
This matters because it extends the Middle East disruption into metals, manufacturing and industrial supply chains. It is no longer just an energy-market issue; it is becoming a broader input-cost and production-risk story.
Likely UK / Client Impact
- Manufacturers and infrastructure-linked businesses may face copper price volatility.
- Energy-transition, electrical and construction supply chains could come under renewed pressure.
- Procurement teams may need to watch both commodity pricing and availability, not just freight costs.
Global Commercial Impact
- DRC output could be curtailed if delays stretch into late May and June.
- Chilean production is also exposed because of dependence on imported sulphuric acid.
- Industrial users globally may face renewed pricing pressure if supply tightens.
Our View
This is exactly the type of second-order risk clients can miss. A Hormuz crisis can quickly migrate into metals, chemicals and industrial production planning well before headline oil prices tell the full story.
Disclaimer
This publication has been prepared by Invictus Risk Solutions LLP for general informational purposes only and does not constitute legal, regulatory, investment, insurance, or financial advice. While sources believed to be reliable have been referenced, no representation or warranty is given as to accuracy or completeness. Market conditions may change rapidly. Readers should seek specific professional advice before acting on any information contained herein. Invictus Risk Solutions LLP accepts no liability for any loss arising from reliance on this material.