Lifting Copper Prices on Ex-US Tightness Ahead of US Tariff Catalyst

Goldman Sachs has raised copper price forecasts and price targets for European miners, citing a tighter ex-US market and potential US tariff catalysts. Lundin Mining and Antofagasta remain the top 'Buy' picks in the sector.

Key Takeaways

• 1.The copper market ex-US is expected to tighten significantly through 2026-27 due to reduced global mine supply and trade flow shifts.
• 2.US Tariff outcomes are the primary near-term catalyst; a Jan '27 implementation could push LME copper prices above US$14k/t in late 2026.
• 3.Goldman Sachs maintains a preference for Lundin Mining (LUN) and Antofagasta (ANTO) as 'Buy' rated names due to high copper leverage and operational performance.

Table of Contents

• Revisions to commodity and FX forecasts
• NAV, EPS and price target changes
• Valuation methodology and investment risks
• Stock investment summaries
• Disclosure Appendix