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JPMorgan expressed a bullish stance on the global copper market, projecting a demand increase leading into 2025. The firm’s global Metals & Mining team noted that copper prices on the London Metal Exchange (LME) have climbed 15% year-to-date to approximately $10,000 per ton.
This rise is attributed to stimulus measures in China and supply chain disruptions. Similarly, Comex copper prices in the United States have seen a 25% increase this year, largely due to tariff concerns.
Anticipating stronger economic activity in China and additional fiscal support, JPMorgan expects copper demand to surge in 2025. The bank forecasts a global copper market deficit starting that year, which is projected to widen to around 3 million tons per annum by 2030. Consequently, copper prices could potentially escalate to $11,500 per ton.
In the Europe, Middle East, and Africa (EMEA) region, JPMorgan favors Antofagasta (LON:ANTO) and Rio Tinto (NYSE:RIO) for their potential in copper growth, while Lundin Mining (OTC:LUNMF) is recognized for its value. Across North America, Teck Resources (NYSE:TECK) and Freeport are the preferred players for growth and value, respectively.
Focusing on the Asia Pacific area, JPMorgan has rated Zijin Mining, CMOC, and Merdeka Copper as Overweight, indicating a positive outlook on their stock performance. Additionally, Capstone Copper has been initiated at Overweight in Australia, reflecting JPMorgan’s confidence in its prospects within the copper industry.
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