Bank of America Predicts Copper Prices Could Reach $11,000 Amid Scarcity

Copper prices hit a record high of $10,323 this week, marking a nearly 20% year-to-date surge. The industrial metal now ranks among the top-performing commodities, trailing only Gold and silver. Bank of America analysts project prices could climb to $11,313 per tonne by 2026, citing shrinking supply and robust industrial demand.

Mine depletion and environmental restrictions on new projects are creating unprecedented scarcity. Manufacturers face intensifying pressure to secure dwindling supplies for production needs. "The shortage of raw materials will be the catalyst," Bank of America emphasized in its client note.

Despite current prices hovering above $10,000, strategists maintain this represents an attractive entry point. The metal's critical role in global manufacturing and infrastructure ensures sustained demand, while supply constraints show no signs of abating.