Goldman Sachs and Bank of America say copper could hit record highs in the coming year, as short-term supply tightness and long-term energy transition-related demand push the red metal north. Three-month copper futures on the London Metal Exchange were trading around $8,525 per metric ton on Friday in Europe. LME copper prices peaked at over $10,600/t in March this year, but two of Wall Street's biggest names see further price rises ahead. Both Goldman and Bank of America highlighted the energy transition as a key driver of copper markets looking ahead. While Bank of America's Michael Widmer said: "Copper is set to rally as usage in green technologies should offset cyclical demand weakness."

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