Goldman Sachs: Asian stocks can extend rally; sees copper at $13,735/ton end-2026 and gold at $4,900/oz

According to CNBC, Goldman Sachs said Asian stocks still have room to run after a strong first-half rally and urged investors to keep diversifying into commodities, arguing that structural themes such as artificial intelligence, power infrastructure and defense spending support both Asia equities and demand for metals and energy infrastructure. In its second-half Asia equity outlook, the bank kept an overweight on North Asia, favoring South Korea, Taiwan, Japan and China’s domestic A-share market, and said it expects the MSCI Asia Pacific ex-Japan Index to deliver mid-teen returns in the second half, supported by projected earnings growth of 60% in 2026 and 22% in 2027. Goldman said it recently lifted its end-2026 London Metal Exchange copper forecast to $13,735 a metric ton and maintained that prices may need to reach around $15,000 by 2035 to incentivize sufficient new supply, while reiterating a forecast for gold to reach $4,900 an ounce by the end of 2026.