Exane BNP sees copper, consolidation to drive metals and mining sector in 2026
Exane BNP Paribas says higher copper prices and consolidation will drive the metals and mining sector in 2026
The broker says copper will enter a structural deficit in 2026 and expects its prices to rise over the medium term
It upgrades Norwegian aluminium producer Norsk Hydro NHY.OL to "outperform", as it expects higher aluminium prices
Among gold miners, the brokerage now prefers Barrick ABX.TO over Newmont NEM.N citing the former's several potential catalysts in the next more than 12 months
Newmont "continues to offer high exposure to gold and a relatively lower jurisdictional risk, Exane says, but adds the company has now completed its asset optimisation process which the broker was positive on
Rating changes:
COMPANY | NEW RATING | OLD RATING | NEW PT | OLD PT |
Norsk Hydro NHY.OL | outperform | neutral | NOK 84 | NOK 67 |
Barrick ABX.TO | outperform | neutral | $50 | $34.5 |
Newmont NEM.N | neutral | outperform | $97 | - |
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