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2025-07-03 14:09:07 According to a report from UBS, its global mining team raised the copper price forecasts for 2025-26 by 7%/ 4% to USD4.24/ USD4.68 per pound, respectively, reversing its previously cautious demand outlook since the major impact of tariff uncertainties has dissipated. While tariff uncertainties may lead to a slowdown in end-user demand, UBS' baseline scenario assumes that demand will return to trend levels over the next 12 months. The slowdown in Chinese demand growth will be offset by the recovery in traditional end markets in Europe and the US, with the latter supported by restocking and long-term drivers (electrification, German fiscal policy, defense, and AI). On the back of favorable supply-side dynamics and long-term demand drivers, UBS maintains a fairly optimistic view on copper prices, The broker lifted its target price for ZIJIN MINING (02899.HK) by 7% to HKD25.3 and for CMOC (03993.HK) by 12.5% to HKD9.9, both with a Buy rating reiterated. ~ AAStocks Financial News Web Site: www.aastocks.com | |