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Barchart
Barchart
Sristi Suman Jayaswal

Is This Dividend Stock a Buy on Bank of America's Bullish Copper Forecast?

Bank of America copper FreeportMcMoRan FCX Freeport BofA

Copper (HGK24) has outperformed the S&P 500 Index ($SPX) this year, up 10% due to rising demand from Chinese manufacturers and global supply constraints. Its indispensability in construction, infrastructure, and renewable energy, driven by urbanization and industrialization, has helped fuel demand for the red metal.

Earlier this month, Bank of America (BAC) raised its price forecast for copper in anticipation of tightening supply and accelerating demand. It projects copper prices to surge to $10,250 per ton by Q4 of 2024, marking an 8% increase from their previous view. Prices are anticipated to rise further to an average of $12,000 per ton by 2026.

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