BUZZ-Exane BNP sees copper, consolidation to drive metals and mining sector in 2026

Reuters12-05 18:10
BUZZ-Exane BNP sees copper, consolidation to drive metals and mining sector in 2026

** Exane BNP Paribas says higher copper prices and consolidation will drive the metals and mining sector in 2026

** The broker says copper will enter a structural deficit in 2026 and expects its prices to rise over the medium term

** It upgrades Norwegian aluminium producer Norsk Hydro NHY.OL to "outperform", as it expects higher aluminium prices

** Among gold miners, the brokerage now prefers Barrick ABX.TO over Newmont NEM.N citing the former's several potential catalysts in the next more than 12 months

** Newmont "continues to offer high exposure to gold and a relatively lower jurisdictional risk, Exane says, but adds the company has now completed its asset optimisation process which the broker was positive on

Rating changes:

COMPANY

NEW RATING

OLD RATING

NEW PT

OLD PT

Norsk Hydro NHY.OL

outperform

neutral

NOK 84

NOK 67

Barrick ABX.TO

outperform

neutral

$50

$34.5

Newmont NEM.N

neutral

outperform

$97

-

(Reporting by Vera Dvorakova)

((vera.dvorakova@thomsonreuters.com))

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