[J.P. Morgan upgrades Glencore on copper growth pipeline; Antofagasta stays top EMEA copper pick]

Published: Oct 15, 2026 18:47 (GMT+8)

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J.P. Morgan upgraded Glencore to Overweight from Neutral, lifting its price target to GBP 7.30 from GBP 5.10, saying the copper growth pipeline is becoming more visible after years of volume decline. The bank forecasts about 30% copper output growth to roughly 1.1 million tonnes over 2026-2031. Glencore recently raised its long-term marketing EBIT guidance midpoint to 3.5 billion USD from 2.9 billion USD and adopted a more transparent framework tying segment earnings to inventory and funding costs; JPM sees shareholder returns well supported through the copper build cycle. Anglo American was raised to Neutral from Underweight at a fair value of GBP 38.50, pending final Chinese approval of its roughly 90 billion USD merger with Teck Resources. Antofagasta remains JPM's top EMEA copper miner with an Overweight rating, with ROCE seen above 35% from 2028 and 6%-8% free cash flow yields as output ramps up.

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