BofA Raises Copper Forecast 20% to $12,000, Names Top Mining Picks

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Summary · why it matters

BofA Securities raised its long-term copper price forecast by 20% to $12,000 per ton for 2026 and updated its mining sector rankings, upgrading BHP to Buy with a price objective of A$68 and naming the world's largest copper producer its top pick among large-cap mining stocks. Glencore was rated Buy with a price objective of GBp650, with BofA highlighting its copper growth options and monitoring a potential Australian listing for the diversified miner. Norsk Hydro received a Buy rating with a price objective of NOK98, which BofA described as offering interesting risk-reward characteristics for the pure-play aluminum company. Antofagasta maintained its Buy rating with a price objective of GBp4700, with the bank noting roughly 30% volume growth potential. BofA also trimmed its 2027 aluminum forecast by 5% to $3,625 per ton, and cautioned that investors should be prepared for potential drawdowns of 10% to 20%, noting that during China's super cycle from 2002 to 2008 markets experienced multiple corrections despite overall upward trends.

Impact on assets 6

Critical Materials & Supply Chain▲ · 4 stocks
BHP Group Limited
BHP
▲ PositiveCapitalrelevance

BofA upgraded BHP to Buy with an A$68 price objective and named it top pick among large-cap miners.

Norsk Hydro ASA
0Q11
▲ PositiveCapitalrelevance

BofA initiated a Buy rating on Norsk Hydro with a NOK98 price objective, citing attractive risk-reward for the pure-play aluminum company.

Antofagasta PLC
ANTO
▲ PositiveCapitalrelevance

BofA maintained its Buy rating on Antofagasta with a GBp4700 price objective, noting roughly 30% volume growth potential.

Glencore PLC
GLEN
▲ PositiveCapitalrelevance

BofA rated Glencore Buy with a GBp650 price objective, highlighting its copper growth options.

Financials▲ · 1 stocks
Others▲ · 1 stocks

Theme Impact 3

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