Bank of America has upgraded its forecast on copper as supply and demand dynamics begin to favor the red metal.
BofA is projecting copper to hit $11,313 per ton in 2026, $13,501 in 2027, and then a final rally to $15,000 per ton, The Wall Street Journal reports.
The bank is also reportedly bullish on copper mining firm Freeport-McMoRan, putting a price target 13% above its last daily close, despite a shutdown of its Grasberg mine in Indonesia after a mudslide fatally injured two of its employees.
BofA analysts spoke with President and CEO Kathleen Quirk and “came away increasingly confident that our $42 per share valuation sufficiently prices the key risks around its temporarily halted Grasberg copper/gold mine in Indonesia.”
Bank of America isn’t alone in its bullish stance on copper.
JPMorgan Chase also wrote in a note seen by Bloomberg this week that it was optimistic on copper due to a “supply-driven tightening.”
“This supply-driven tightening now makes us optimistic about copper prices over the next six months, and we now see LME prices averaging $11,000 per ton in the fourth quarter of 2025 before rising further to an average of $11,250 per ton in the first quarter of 2026.”
And noting the massive losses from the Grasberg mine, Société Générale analysts estimated that “Copper will post its largest deficit since 2004,” further intensifying supply constraints.
Copper is currently trading at $10,181.50, according to data from the London Metal Exchange (LME).
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