Copper prices reached an all-time high of $10,323 on Monday and have surged close to 20% year-to-date. It is among the top-performing assets in the commodity market, only below gold and silver. The industrial-grade metal is now the most sought-after commodity due to its scarcity. The demand for the metal is soaring, and Bank of America has provided a bullish target for copper prices.

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Copper Set To Reach $11,000: Bank of America Predicts

Bank of America’s analysts wrote in a recent note to clients that copper is on the way to the top. The strategists highlighted the growing demand for the metal due to its industrial capabilities in manufacturing and production. In addition, the depletion of copper mines around the world is making the metal’s value soar, leading to more demand and less supply.

Pressures from environmental activists have led governments around the world to halt the construction of new mines. This led to an increased demand from manufacturing houses to procure the metal for production. The shortage of raw materials will be the catalyst that could push copper prices to $11,000, wrote Bank of America.

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Bank of America wrote that copper prices could reach a maximum high of $11,313 per tonne in 2026. Therefore, taking an entry position now, even when it’s above the $10,000 range, is beneficial. The brown metal closed Monday’s trade at $10,232 and is attracting bullish sentiments.

If Bank of America’s forecast on copper turns accurate, investors can see an uptick of 11%. An investment of $1,000 could turn into $1,110 if the prediction turns out right in 2026. Copper is extensively used in the production of cars, aircraft, and other vehicles. It is also used in all electronic components, like wires and cables. Also, it continues to be used in weapons manufacturing and is the most sought-after metal.