Copper has a habit of getting called “Doctor Copper” for its supposed ability to diagnose the health of the global economy. Right now, the patient is looking fitter than expected.
Citi’s new sector update sees copper prices moving higher through to 2027, alongside a bullish view on gold and silver.
That mix is good news for Antofagasta PLC (LSE:ANTO) and Fresnillo PLC (LSE:FRES), the two London-listed miners most exposed to copper and precious metals, respectively.
Citi has both on its buy list, highlighting the earnings upgrades that flow directly from stronger commodity forecasts.
Glencore PLC (LSE:GLEN) remains Citi’s top pick in the sector. The shares are judged cheap against other copper producers, even after a strong run. For those looking for more pure-play exposure, Fresnillo is again singled out as the standout among precious metal miners.
Anglo American is a different story. The stock has re-rated since its agreed tie-up with Teck Resources, leaving Citi neutral for now.
The sector backdrop is more favourable than it has been for years: oil is expected to find a floor around $60 to $62 a barrel, and precious metals are tipped to broaden into a wider bull market during 2026.
Against that, London’s miners with clear copper and gold leverage look the best placed to benefit.