JPMorgan Chase and Bank of America Forecast Higher Prices for Copper Amid Sudden Supply Tightening: Report
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).
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
XRP News Update: XRP ETF Momentum and SEC Deadline Fuel Institutional Optimism
- XRP rose to $2.64 as institutional demand for XRP-based ETFs surged, driven by speculation around potential SEC approvals and bullish technical indicators. - Seven U.S. spot XRP ETF applications await SEC decisions (Oct 18-Nov 14), with Polymarket pricing approval odds at >99% due to regulatory shifts. - Ripple's XLS-56 "Batch" amendment (68.57% consensus) and RLUSD's $1B+ assets highlight XRP's growing role in DeFi infrastructure. - Geopolitical factors like U.S.-China trade progress and India's XRP "pr

The Power of “HugVotes”: Inside Milk Mocha’s $HUGS Revolution Where Holders Decide the Future
Discover how HugVotes turns $HUGS holders into decision-makers shaping NFTs, marketing, and charity through the Milk Mocha DAO.What is HugVotes and Why It MattersReal Decisions in Your HandsCharity, Community, and Collective KindnessThe Whitelist: A Door to Real InfluenceWrapping UpFAQ

Privacy Coins Surge as XMR and ZEC Lead the Rally
Privacy-focused cryptocurrencies like Monero and Zcash see strong gains, pushing sector market cap to $14.3 billion.Zcash Leads the Rally with Over 26% Weekly GainsWhy Privacy Coins Are Gaining Momentum

Ondo Global Markets brings US stock tokenization to the BNB Chain.
