Bank of America, $BAC, has said that the copper supply crisis is here

The increasing issue of a lack of mine projects is becoming more pronounced for copper. This, coupled with investments in green technologies and a global economic rebound, is expected to push prices to US$10,250/t (465c/lb) by the fourth quarter,” an 8% upgrade from their previous outlook, analysts say.

Front-month copper futures HG00 traded at $4.28 per pound, up 10% for the year on Tuesday.

Bank of America is not the only Wall Street bank predicting copper price increases. Citi analysts suggested that consumers of the metal should “urgently hedge” or risk facing $320 billion in cost increases over the next three years. Calling copper the second bull market of this century, they believe copper prices will trend higher, averaging $10,000 per ton in the fourth quarter and reaching $12,000 by 2026.

Bank of America analysts also expressed bullishness on gold.

“Gold remains one of our favorite metals, and we expect prices to average US$2,500/oz by the fourth quarter, potentially reaching US$3,000/oz by 2025. Demand from central banks and China’s retail buyers has been strong. If Western investors join the party on rate cuts, the yellow metal will move a leg higher; this may also be necessary, if sentiment in China improves, and less investment flows into gold,” they stated.

Gold GC00 hit yet another record on Tuesday, trading at $2,372.80 an ounce, up 15% for the year.

The analysts also had a positive outlook on silver SI00, suggesting that the metal should benefit from lower interest rates but outperform gold as industrial demand rebounds and photovoltaic manufacturers shift to panels that require more of the precious metal.

However, they were less optimistic about platinum PL00, cutting the 2025 forecast by 20%. They noted that demand is heavily reliant on cars with internal combustion engines, which are losing market share to electric vehicles, and that there’s a lack of production discipline.