Citi
June 1, 2026
The Point for Latin America
Daily UpdateEquitiesCommoditiesMacro Economic IndicatorsIndustrialsHealth Care
Citi Research downgrades Kepler Weber to Sell amid a storage demand drought in Brazil while raising global copper forecasts to $14.5k/t. The report also highlights a historically low 5.1% pricing cap for Brazilian healthcare plans and persistent global inflation driven by energy prices.
Key Takeaways
- 1.Downgrade of Kepler Weber (KEPL3.SA) to Sell due to weak storage demand from Brazilian farmers facing breakeven margins and high capital costs.
- 2.Brazil's healthcare individual pricing cap for 2026 was set at 5.1%, lower than Citi's 7.8% estimate and representing a historical low.
- 3.Global copper price forecasts were revised upwards to $14,500/t near-term and $15,000/t over 12 months, driven by supply constraints and US tariff fears.
Table of Contents
- Top Call
- Company
- Industry
- Strategy & Economics
- Global
- Key Rating and Target Price Changes
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Authors
Andre Mazini, CFAGabriel BarraLeandro Bastos, CFA
Securities
KEPL3GGPS3HBSA3.SADXCO3.SACopper
Themes
Deteriorating Brazilian Agribusiness ProfitabilityGlobal Inflation Resurgence via EnergyBrazilian Healthcare Regulatory HeadwindsCommodity Supply Constraints
Regions
Latin AmericaGlobalAsia PacificBrazilColombiaUnited States