Berenberg Pours Cold Water on Copper Price Fears

Berenberg has upgraded Antofagasta to buy from hold due to recent weakness in copper prices, which has left the Chilean miner's shares looking undervalued.

The German bank kept its price target at 4,400p, implying a 16% upside from the closing price of 3,790p on September 11th.

Antofagasta, a FTSE 100 copper producer with four mines in Chile, had drifted lower as the copper price retreated from recent highs, dropping towards $14,200 a tonne after reaching $15,000 due to supply disruption and investor speculation.

Berenberg analysts expect Antofagasta to lift copper output by 27% to 818,000 tonnes by 2028, driven by higher ore grades at the Los Pelambres mine and rising volumes from the new second concentrator at Centinela.