Copper mining stocks experienced a broad-based rally on Friday.
Taseko Mines (TGB.US) led the gains, surging 8%.
Other notable advancers included Ero Copper (ERO.US), which rose over 6%, and Hudbay Minerals (HBM.US), climbing 4%.
Southern Copper (SCCO.US) also gained more than 3%.
The move follows significant price target upgrades from several major financial institutions.
Jefferies analyst Christopher LaFemina raised his 2030 copper price target to $17,636 per tonne, marking the most aggressive forecast on Wall Street.
Goldman Sachs also substantially increased its copper price forecasts, projecting average LME copper prices of $13,735 and $13,800 per tonne by the end of 2026 and 2027, respectively.
Both HSBC and JPMorgan have noted that the current upward cycle in copper is primarily driven by structural demand factors.
LaFemina believes that demand for copper will accelerate due to AI data center construction and power grid upgrades.
He also points to potential supply-side constraints, including lower-than-expected output from Indonesia's Grasberg mine and the Democratic Republic of Congo's Kamoa-Kakula mine.
Goldman Sachs has revised its 2026 global copper supply forecast downward by 350,000 tonnes, with the aforementioned two mines accounting for a combined reduction of approximately 200,000 tonnes.
Concurrently, the bank now expects US copper inventories to accumulate to 900,000 tonnes in 2026, a significant increase from its previous forecast of 550,000 tonnes.
Capital expenditure on AI by major cloud providers is projected to soar to $800 billion this year.
In his report, LaFemina stated, "We are not bullish enough on copper," and emphasized that his firm holds the highest copper price forecast on Wall Street due to strong US industrial demand and persistently tight supply.
HSBC has warned of a potential "super squeeze" risk for commodities, with metal prices broadly in an uptrend.
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