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BofA raises 2026 copper forecast 20% to $12,000, upgrades miners

Verifying
  • BofA Securities upgraded BHP, Glencore and Norsk Hydro, while maintaining Antofagasta at Buy.
  • Copper's 2026 forecast rose 20% to $12,000 per ton; aluminum's 2027 forecast fell 5%.
  • BofA cited supply constraints and warned of 10% to 20% potential drawdowns.
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