The metal, widely used in construction and manufacturing, is on course to post a 3.3 percent gain this week, which would mark its biggest weekly jump since the week ended Sept. 21, on supply concerns and optimism over U.S.-China trade talks.
"We see conditions ripe for copper to make another surge higher, in coming months," ANZ said in a note.
"Fundamentals remain positive, with signs in China that demand is already rebounding," ANZ added, noting that a U.S.-China trade deal could provide further momentum.
The bank said it has set a three-month target price of $6,750 a tonne for copper, with prices likely to extend to $7,000 in the second half of the year.
FUNDAMENTALS
* COPPER: Three-month copper on the London Metal Exchange was up 0.2 percent at $6,394 a tonne by 0711 GMT after falling as much as 0.3 percent earlier in the session. The most-traded April copper contract on the Shanghai Futures Exchange rose for a seventh straight session, closing up 0.3 percent at 49,920 yuan ($7,426.25) a tonne.
* COPPER: The global refined copper market showed a 52,000 tonnes deficit in November, compared with a 1,000 tonnes surplus in October, the International Copper Study Group said.
* COPPER SPREADS: The premium of LME cash copper over the three-month contract <CMCU0-3> stood at $14.50 a tonne on Thursday, having hit a steep backwardation of $58 a tonne on Monday.
* U.S.: New orders for key U.S.-made capital goods unexpectedly fell in December amid declining demand for machinery and primary metals, pointing to a sustained slowdown in business spending on equipment that could further crimp economic growth.
* ALUMINIUM: ShFE aluminium climbed as much as 1.3 percent to 13,695 yuan a tonne, the highest since Dec. 28. The contract tracked a 2 percent jump in LME aluminium on Thursday amid dwindling stocks and clocked its biggest weekly gain since August. LME aluminium edged down 0.1 percent on Friday.
* COLUMN: LME copper squeeze will test market's bull credentials: Andy Home
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MARKETS NEWS
* Shares in Asia slipped as a deteriorating global economic outlook outweighed further signs of progress in trade talks between China and the United States.