Americas Metals & Mining Stronger copper price assumptions drive increase in our earnings forecasts

Research evidence excerpt

Americas Metals & Mining Stronger copper price assumptions drive increase in our earnings forecasts

11 June 2026

Americas Metals & Mining EquitiesMetals & Mining

Stronger copper price assumptions drive increase in

our earnings forecasts Americas

◆ Copper price is at an elevated level, supported by resilient Jonathan Brandt, CFA

demand and supply disruptions Analyst, GEMs ex-Asia Metals & Mining, Pulp & Paper HSBC Securities (USA) Inc.

jon.brandt@us.hsbc.com

◆ We incorporate our revised 2026-28e avg copper price +1 212 525 4499

forecasts (up 3-7%); 2029-30e and long-term forecasts Ishan Jain*

Analyst, Metals & Mining, Pulp & Paper

unchanged HSBC Securities and Capital Markets (India) Private

Limited

ishanjain@hsbc.co.in

◆ Maintain Buy rating on FCX, and Hold ratings on GMEXICO +91 80 4550 3767

and SCCO; increase target prices 2-4% Gustavo Hwang*, CFA

Analyst, GEMs ex-Asia Metals & Mining, Pulp & Paper

Banco HSBC S.A.

Copper price strengthening: The price of copper surged to record levels in early May gustavo.hwang@hsbc.com

+55 11 2802 3257

2026, before easing on broader risk-off sentiment. Even after the pullback, prices

Shilan Modi*, CFA

remain elevated, supported by resilient end-demand, persistent supply disruptions, and Analyst, Metals & Mining

renewed uncertainty around potential US trade measures. HSBC Bank Middle East Limited, DIFC

shilan.modi@hsbc.com

Supply disruptions remain key; inflation is lifting the cost curve: Disruptions +971 564 1212 04

continue to prevail, with notable issues across major assets (including Grasberg, Howard Lau*, CFA

Kamoa-Kakula, etc.) and weaker Chilean output, which is limiting supply growth. Head of China Materials Equity Research The Hongkong and Shanghai Banking Corporation Limited