Diversified miners: Higher copper prices lift valuations

Research evidence excerpt

Diversified miners: Higher copper prices lift valuations

24 June 2026

Diversified miners EquitiesMetals & Mining

Higher copper prices lift valuations UK and SA

◆ Copper prices are at an elevated level, supported by resilient Shilan Modi*, CFA

demand and supply disruptions Analyst, Metals & Mining HSBC Bank Middle East Limited, DIFC

shilan.modi@hsbc.com

◆ We update our estimates for the latest operational results +971 564 1212 04

and recent copper price forecasts Jonathan Brandt, CFA

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

HSBC Securities (USA) Inc.

◆ Maintain Buy on Glencore; increase TPs for GLEN LN, ANTO jon.brandt@us.hsbc.com

LN, RIO LN, and S32 LN +1 212 525 4499

Ishan Jain*

Analyst, Metals & Mining, Pulp & Paper

Higher copper prices driving earnings upgrades: Copper prices surged to record HSBCLimitedSecurities and Capital Markets (India) Private

levels in early May 2026, before easing on broader risk-off sentiment. Even after the ishanjain@hsbc.co.in

+91 80 4550 3767

pullback, prices remain elevated, supported by resilient end-demand, persistent

supply disruptions, and renewed uncertainty around potential US trade measures.

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

We had revised our copper price forecasts to USD6.12/lb for 2026 (from not registered/ qualified pursuant to FINRA regulations

USD5.77/lb), USD5.81/lb for 2027 (from USD5.44/lb), and USD5.30/lb for 2028 (from

USD5.13/lb). See Copper: Supply disruptions and cost pressures drive our forecasts

higher (11 June 2026) for further details. We include the higher copper prices which

results in higher target prices and earnings expectations for the copper-exposed

miners. We also update our mine life assumptions.