JPM | Copper to $15,000? Raising PT for Nanya Plastics, Al Capex update, CATL land approval, Indonesia MSCI Catalyst, Indian OMC Margin Meter

研报英文原文证据摘录

JPM | Copper to $15,000? Raising PT for Nanya Plastics, Al Capex update, CATL land approval, Indonesia MSCI Catalyst, Indian OMC Margin Meter

Specialist Sales

APAC Specialist Sales J P M O R G A N

22 June 2026

JPM | Copper to $15,000? Raising PT for Nanya Plastics, AI

Capex update, CATL land approval, Indonesia MSCI Catalyst,

Indian OMC Margin Meter

Anmol Mehta

+852 2800 8896

anmol.mehta@jpmorgan.com

Back to headline watching?WTI+3% at the open to $81.5/bbl this morning as talks seem to have taken a turn for the worse.

Israel/Lebanon attacks continued which prompted Iran to claim the strait is shut (Vessel traffic suggests its not) – US Central

Command saying 17mb have passed through this weekend). Threats continued but talks are still expected to proceed for this 60

day MOU.

Beyond the conflict, several things coming up this week – 1) MSCI’s Market Classification Review for Indonesia (Tuesday) –

which could see $12B of outflows if Indonesia is classified to “frontier market” status from “emerging market”. Our base case is

that Indonesia remains in the EM status which should help the stocks, but this is an overhang you have to wait to be lifted.

MSCI’s accessibility review from Thursday was not ideal – the freeze on adding indoneisan constituents was NOT lifted (MSCI

announcement) . JPM Top pick to play this is nickel Miner ANTM – trading at 5x P/E & 73% PT upside. 2) Copper Tariffs (by

June 30): You are approaching the end of June where the Trump administration is set to announce their decision on copper Tariffs

– this has the potential to be a bullish catalyst if a phased, escalating tariff is introduced (JPM base case) but if the decision is for

no tariffs – copper should sell-off as people expect the US to stop building inventory. 3) Lithium/CATL Land Approval: