BofA Boosts Mining Stocks Amid Brightening Copper Outlook

BofA Securities has updated its mining sector rankings, boosting several major producers due to a brightening copper outlook. The investment bank raised its long-term price forecast for copper by 20% to $12,000 per ton for 2026, driven by persistent supply issues.

The upgrade reflects the impact of ongoing policy surprises and volatility risks from potential energy shocks and data center capital expenditure pauses. However, copper continues to outperform expectations primarily due to supply constraints.

BofA upgraded BHP, the world's largest copper producer, to Buy with a price objective of A$68. The bank highlighted the company's copper growth options as a key attraction and noted its position as the top pick among large-cap mining stocks.