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"Prepare for a decade of Dr Copper on steroids," analysts including Max Layton and Tracy Liao wrote in a July 17 note, Bloomberg reported.
The analysts said copper would "outperform" most other commodities under the bank's coverage over the coming decade on a lack of mine supply growth.
They forecast annual prices at US$8,000 a metric ton in 2022 and passing $9,000/t by 2028 under a baseline scenario, Bloomberg said.
Copper demand is also expected to rise from new energy demand and the growth in electric vehicles.
Copper prices have tumbled since June 7 on escalating trade and tariff tensions between the US and China.
The cash price closed up slightly on the London Metal Exchange yesterday to $6,123.50/t.
The Bloomberg chart (below) traces the copper price over the past five years.
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LME 5 year copper price. Source: Bloomberg
