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<Research>UBS Lifts Copper Price Forecasts on Possible Tightened Supply, Raises Earnings Estimates & TPs for Copper Miners
Recommend 18 Positive 43 Negative 18 |
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UBS has released a report raising its 2026-28 copper price forecasts by 8%/ 19%/ 11% to USD11,464/ USD13,095/ USD12,809 per ton. The broker's adjustment was intended to reflect tightening industry fundamentals mainly due to reduced production guidance from Indonesia's Grasberg mine, accidents at Congo (DRC) Kamoa Kakula and Chile's El Teniente mines, and protests in Peru this year, which may exacerbate short-term supply risks for mines. UBS raised its earnings estimates for ZIJIN MINING (02899.HK), CMOC (03993.HK), and JIANGXI COPPER (00358.HK) by 4% for 2025 and by 11-13% for 2026. ZIJIN MINING's target price was increased by over 30% to HKD47.4. CMOC's target price was elevated to HKD20.5. JIANGXI COPPER's target price was sharply lifted by 75% from HKD28.5 to HKD50. All of them were rated as Buy. AAStocks Financial News |
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