Bank of America Raises 2026 Copper Forecast to $13,278

Bank of America raised its copper forecasts and maintained a positive view on uranium producers as electrification and rising electricity demand support industrial metals, while higher U.S. interest rates may support the dollar and limit gold prices.

The bank lifted its average copper forecast for 2026 by 3% to $13,278 per metric ton. It also raised its long-term estimate by 20% to $13,578 per metric ton and projected an average price of $15,250 per metric ton in 2027.

Freeport-McMoRan remained Bank of America’s top copper pick. The bank increased its price target to $87 per share from $80, reflecting progress in the Grasberg operational turnaround and potential production growth.

Bank of America lowered its average uranium forecast for 2026 to about $97 per pound but kept its 2027 projection near $130 per pound. Cameco retained a Buy rating and a $133 price target. The company holds a 49% stake in Westinghouse.

The bank downgraded Kinross Gold to Underperform and Alamos Gold to Neutral. Copper is used in power transmission, electrification and data-center infrastructure. Uranium fuels nuclear reactors, while electrification, data-center power demand and energy security are key demand themes for copper and uranium.

“We like copper and uranium, while rates should keep a lid on gold prices,” Bank of America metals and mining analyst Lawson Winder wrote.