Bank of America raises its long-term copper forecast by 20 percent to $12,000 per tonne, equivalent to $5.44 per pound, according to an analysis.
The bank points primarily to continued supply shortages and expects a deficit in the copper market in 2026 and a smaller surplus in 2027.
For 2026 and 2027, BofA’s copper forecasts are $13,278 and $15,250 per tonne, respectively. The bank continues to see support from investments in power grids and energy infrastructure, while weaker demand in China and the risk of a global slowdown constitute headwinds.
In the sector, BHP is raised to Buy from Neutral and the price target is raised to 68 Australian dollars from 65. Glencore and Antofagasta remain at Buy, with price targets raised to 650 pence from 630 and 4,700 pence from the previous 4,600, respectively.
For Boliden, Underperform is reiterated, while the price target is raised to SEK 480 from SEK 470.
Copper futures are currently trading at $6.58 per pound.
