US Stock Market Move | Copper mining sector generally rose, Taseko Mines (TGB.US) rose by 8%.

On Friday, the copper mining sector saw a general rise, with Taseko Mines (TGB.US) up 8%, Ero Copper (ERO.US) up over 6%, Hudbay Minerals (HBM.US) up 4%, and Southern Copper Corporation (SCCO.US) up over 3%. Jefferies analyst Christopher LaFemina raised the copper price target for 2030 to $17,636 per ton, becoming the most aggressive prediction on Wall Street. Goldman Sachs Group, Inc. also significantly raised their copper price forecast, expecting the average LME copper price to reach $13,735 by the end of 2026 and $13,800 in 2027. HSBC and JPMorgan also pointed out that the upward cycle of copper prices is mainly driven by structural demand. LaFemina believes that the construction of AI data centers and upgrades to the power grid will accelerate copper demand, and there are supply constraints at the Grasberg mine in Indonesia and the Kamoa-Kakula mine in Congo. Goldman Sachs Group, Inc. has lowered its forecast for global copper mine supply by 350,000 tons in 2026, with the Grasberg mine and Kamoa-Kakula mine reducing by approximately 200,000 tons. At the same time, Goldman Sachs Group, Inc. predicts that U.S. copper inventories will accumulate to 900,000 tons by 2026, a significant increase from their previous forecast of 550,000 tons. This year, capital spending on AI by mega-scale cloud computing companies is expected to soar to $800 billion. LaFemina stated in the report, "We are not bullish enough on copper," and emphasized that they currently have the highest copper price forecast on Wall Street, as they see strong industrial demand in the U.S. and tight supply. HSBC warned of the risk of "super squeeze" in commodities, with metal prices overall in an upward cycle.