JPM forecasts copper deficit in 2026, ups Boliden to 'neutral'

J.P. Morgan reiterates its structurally positive view on the EMEA Base Metals sector, forecasting the global copper market to be in deficit from 2026 onwards

Says demand destruction and substitution to alternative materials is unlikely to "crash the party" at current prices

Broker upgrades Swedish mining and smelting company Boliden BOL.ST to "neutral" from "underweight", citing the Ronnskar smelter restart in H2 2026, which increases gold leverage

JPM raises its 2025/2026 EBITDA estimates for Boliden by +5%/+14%, respectively, and lifts its price target by over 10% to SEK 530

Brokerage maintains its preference for Antofagasta ANTO.L, First Quantum FM.TO, and Norsk Hydro NHY.OL, all rated "overweight", due to their volume growth and improving valuations

JPM keeps "neutral" on Lundin Mining LUN.TO as the company now trades in line with or above its EMEA peers