BofA Raises 2026 Copper Forecast 3 Percent to $13,278 per Ton as Uranium 2027 Target Holds at $130 per Pound

BofA lifted its 2026 copper average to $13,278 per ton and its long-term estimate 20 percent to $13,578 per ton, citing mine supply shortfalls and power-grid buildout. Freeport-McMoRan price target rose to $87; Cameco retained Buy with $133 target tied to its Westinghouse stake. Kinross Gold was downgraded to Underperform and Alamos Gold to Neutral on rate-sensitive valuation.

The shift aligns with Federal Reserve policy holding the federal funds rate near 5.25-5.50 percent, which supports the dollar and raises gold’s opportunity cost. Copper and uranium forecasts reflect physical markets where new mine permitting and fuel-cycle capacity lag stated decarbonization targets in US and EU legislation. Primary records show no coordinated central-bank pivot from gold; the move is analyst positioning within existing rate path.

State actors continue to accumulate gold reserves through central banks while permitting new copper and uranium projects faces local opposition and export controls. Supply data from USGS and IAEA confirm multi-year lead times for both metals. Next data points are Fed minutes and quarterly production reports from Freeport and Cameco due within 60 days.