BUZZ-JPM forecasts copper deficit in 2026, ups Boliden to 'neutral'

Reuters01-08

BUZZ-<a href="https://laohu8.com/S/JPM">JPM</a> forecasts copper deficit in 2026, ups Boliden to 'neutral'

** J.P. Morgan reiterates its structurally positive view on the EMEA Base Metals sector, forecasting the global copper market to be in deficit from 2026 onwards

** Says demand destruction and substitution to alternative materials is unlikely to "crash the party" at current prices

** Broker upgrades Swedish mining and smelting company Boliden BOL.ST to "neutral" from "underweight", citing the Ronnskar smelter restart in H2 2026, which increases gold leverage

** JPM raises its 2025/2026 EBITDA estimates for Boliden by +5%/+14%, respectively, and lifts its price target by over 10% to SEK 530

** Brokerage maintains its preference for Antofagasta ANTO.L, First Quantum FM.TO, and Norsk Hydro NHY.OL, all rated "overweight", due to their volume growth and improving valuations

** JPM keeps "neutral" on Lundin Mining LUN.TO as the company now trades in line with or above its EMEA peers

COMPANY	NEW RATING	OLD RATING
Antofagasta	overweight	overweight
First Quantum	overweight	overweight
Norsk Hydro	overweight	overweight
Lundin Mining	neutral	neutral
Boliden	neutral	underweight

(Reporting by Marta Frackowiak)

((marta.frackowiak@thomsonreuters.com))

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Morgan reiterates its structurally positive view on the EMEA Base Metals sector, forecasting the global copper market to be in deficit from 2026 onwards</p><p>** Says demand destruction and substitution to alternative materials is unlikely to \"crash the party\" at current prices</p><p>** Broker upgrades Swedish mining and smelting company Boliden <span>BOL.ST</span> to \"neutral\" from \"underweight\", citing the Ronnskar smelter restart in H2 2026, which increases gold leverage</p><p>** JPM raises its 2025/2026 EBITDA estimates for Boliden by +5%/+14%, respectively, and lifts its price target by over 10% to SEK 530</p><p>** Brokerage maintains its preference for Antofagasta <span>ANTO.L</span>, <a href=\"https://laohu8.com/S/FQVLF\">First Quantum</a> <span>FM.TO</span>, and Norsk Hydro <span>NHY.OL</span>, all rated \"overweight\", due to their volume growth and improving valuations</p><p>** JPM keeps \"neutral\" on Lundin Mining <span>LUN.TO</span> as the company now trades in line with or above its EMEA peers</p><table><tbody><tr><td><p>COMPANY</p></td><td><p>NEW RATING</p></td><td><p>OLD RATING</p></td></tr><tr><td><p>Antofagasta</p></td><td><p>overweight</p></td><td><p>overweight</p></td></tr><tr><td><p>First <a href=\"https://laohu8.com/S/QMCO\">Quantum</a> </p></td><td><p>overweight</p></td><td><p>overweight</p></td></tr><tr><td><p>Norsk Hydro </p></td><td><p>overweight</p></td><td><p>overweight</p></td></tr><tr><td><p>Lundin Mining </p></td><td><p>neutral</p></td><td><p>neutral</p></td></tr><tr><td><p>Boliden</p></td><td><p>neutral</p></td><td><p>underweight</p></td></tr></tbody></table><p>(Reporting by Marta Frackowiak)</p><p>((marta.frackowiak@thomsonreuters.com))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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Morgan reiterates its structurally positive view on the EMEA Base Metals sector, forecasting the global copper market to be in deficit from 2026 onwards</p><p>** Says demand destruction and substitution to alternative materials is unlikely to \"crash the party\" at current prices</p><p>** Broker upgrades Swedish mining and smelting company Boliden <span>BOL.ST</span> to \"neutral\" from \"underweight\", citing the Ronnskar smelter restart in H2 2026, which increases gold leverage</p><p>** JPM raises its 2025/2026 EBITDA estimates for Boliden by +5%/+14%, respectively, and lifts its price target by over 10% to SEK 530</p><p>** Brokerage maintains its preference for Antofagasta <span>ANTO.L</span>, <a href=\"https://laohu8.com/S/FQVLF\">First Quantum</a> <span>FM.TO</span>, and Norsk Hydro <span>NHY.OL</span>, all rated \"overweight\", due to their volume growth and improving valuations</p><p>** JPM keeps \"neutral\" on Lundin Mining <span>LUN.TO</span> as the company now trades in line with or above its EMEA peers</p><table><tbody><tr><td><p>COMPANY</p></td><td><p>NEW RATING</p></td><td><p>OLD RATING</p></td></tr><tr><td><p>Antofagasta</p></td><td><p>overweight</p></td><td><p>overweight</p></td></tr><tr><td><p>First <a href=\"https://laohu8.com/S/QMCO\">Quantum</a> </p></td><td><p>overweight</p></td><td><p>overweight</p></td></tr><tr><td><p>Norsk Hydro </p></td><td><p>overweight</p></td><td><p>overweight</p></td></tr><tr><td><p>Lundin Mining </p></td><td><p>neutral</p></td><td><p>neutral</p></td></tr><tr><td><p>Boliden</p></td><td><p>neutral</p></td><td><p>underweight</p></td></tr></tbody></table><p>(Reporting by Marta Frackowiak)</p><p>((marta.frackowiak@thomsonreuters.com))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1015430645.USD","symbol_name":"SCHRODER ISF UK EQUITY \"A\" (USDHDG) ACC","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20260108:nL8N3Y90MT:1","article_id":"2601363262","we_media_id":"1032215980","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2601363262","pubTimestamp":1767870964,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"summary":"BUZZ-JPM forecasts copper deficit in 2026, ups Boliden to 'neutral'** J.P. 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Morgan reiterates its structurally positive view on the EMEA Base Metals sector, forecasting the global copper market to be in deficit from 2026 onwards** Says demand destruction and substitution to alternative materials is unlikely to \"crash the party\" at current prices** Broker upgrades Swedish mining and smelting company Boliden BOL.ST to \"neutral\" from \"underweight\", citing the Ronnskar smelter restart in H2 2026, which increases gold leverage** JPM raises its 2025/2026 EBITDA estimates for Boliden by +5%/+14%, respectively, and lifts its price target by over 10% to SEK 530** Brokerage maintains its preference for Antofagasta ANTO.L, First Quantum FM.TO, and Norsk Hydro NHY.OL, all rated \"overweight\", due to their volume growth and improving valuations** JPM keeps \"neutral\" on Lundin Mining LUN.TO as the company now trades in line with or above its EMEA peersCOMPANYNEW RATINGOLD RATINGAntofagastaoverweightoverweightFirst Quantum overweightoverweightNorsk Hydro overweightoverweightLundin Mining neutralneutralBolidenneutralunderweight(Reporting by Marta Frackowiak)((marta.frackowiak@thomsonreuters.com))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2601363262","isCrawlerRequest":true}