11:02 AM EDT, 10/01/2025 (MT Newswires) -- RBC Capital Markets Tuesday said copper equities were its best tracked asset class this past week, up 6.4% week over week due to a number of factors.

Higher copper prices, up 2.2% week over week, drove valuations higher given Freeport's disruption at Grasberg. The disruption is expected to take off about 200,000 tonnes of production for the rest of this year and about 300,000 tonnes of estimated 2026 production, or roughly 1.5% of global supply.

Copper equities were also supported by stronger gold, which continued to hit new all-time highs and was up 2% week over week, RBC said.

However, gains were moderated by a strengthening U.S. dollar, up 0.6% week over week, on stronger economic data including revised higher U.S. second-quarter GDP growth at 3.8% versus consensus of 3.3%.

In Chile, Moody's warned that the production halt at Codelco's El Teniente mine could delay recovery to previous output levels, with negative credit implications despite its stable outlook and credit rating, according to RBC.

Last week also saw various banks revise their 2026 copper assumptions. Bank of America raised its 2026 copper price target by 11% to $11,313/mt. Goldman Sachs lowered its copper supply forecast for 2025 and 2026 due to the Grasberg disruption, projecting a deficit of 55,500 tonnes for 2025, previously a surplus of 105,000 tonnes.

Price: 3.23, Change: +0.27, Percent Change: +9.12