A slump in economic activity in the wake of COVID-19 saw copper demand collapse, with prices plunging to a four-year low of $2.10/lb mid-March.

However, BofA analysts said a spike in M1 and M2 money supply metrics indicated a recovery was on the way, with copper prices set to rise as a result.

"In our view, that official spending has an immediate impact on economic activity,  it should ultimately help to kick-start economies. As such, while a host of risks persist, including a second wave of infections, we remain constructive [on] copper into year-end and see scope for the red metal to rise to $6,500/t ($2.95/lb)," said BofA.

Copper's price performance in the year to date certainly is one for the history books, achieving a 12-month high at $2.87/lb by mid-January, before plunging to its lowest level since 2016 at by mid-March.