BofA Boosts Copper Forecast Amid Supply Concerns

Bank of America strategists have raised their long-term copper price forecast by 20% to $12,000 per ton or $5.44 per pound in 2026 dollars.

The bank cited ongoing supply issues as the main driver behind copper's continued price strength.

According to a commodities update report, Bank of America strategists noted potential risks including a possible energy-induced demand shock or a pause in data center capital expenditures.

However, higher interest rates and a stronger dollar create a bearish outlook for prices.