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JPMorgan upgrades mining & metals sector to ‘overweight’.

JPMorgan upgraded the global mining and metals sector to ‘overweight’ from ‘underweight’ on Monday, as it said that Rio Tinto, Antofagasta, Fresnillo & SSAB are its European key ‘overweights’.

  • Rio Tinto
  • 24 March 2025 13:35:58
Rio Tinto

Source: Sharecast

The bank noted that the mining and metals sector has underperformed MSCI Europe by around 50% since January 2023, with M&M equities having underperformed industrial metal prices by about 20% since January 2024.

JPM said the de-coupling/de-rating for equity multiples is an "active inbound-enquiry from investors".

The bank said its 2025 sector outlook expects a "V-shaped" recovery for metal prices and M&M equities in late Q1 as China expands economic policy support and JPM Commodities Research forecasts 15% upside to current copper prices.

It expects the copper price to reach $11,500/t in in the second quarter of 2026.

"We specifically recommend adding exposure to miners with exposure to copper, aluminium, gold, and/or corporates that are strategically vulnerable," JPM said.

Antofagasta ( ANTO )

ISIN: GB0000456144
Exchange: London Stock Exchange
Sell:
1,631.00 p
Buy:
1,631.50 p
Change: -62.50 ( -3.69 %)
Date:
Prices delayed by at least 15 minutes

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