London, Jan 9, 2026, 11:30 GMT — Regular session
- Antofagasta shares rise about 3.5% after Goldman Sachs lifts rating to “buy”
- Copper remains near recent record levels as investors track inventories and tariff risk
- Attention turns to Antofagasta’s Jan. 29 production report and Feb. 17 full-year results
Antofagasta shares rose 3.5% to 3,452p on Friday, clawing back ground after two straight down sessions, with the stock trading between 3,378p and 3,482p so far. The copper miner is still below its 52-week high of 3,549p.
The lift followed a Goldman Sachs upgrade to “buy” from “neutral”, with the broker setting a 12-month target of 4,000p. Goldman pointed to higher expected first-half 2026 copper prices and flagged “speculative inflows and tight ex-US inventories”, while warning that volatility could run into the second quarter as U.S. tariff decisions approach. 1
That call hit a market already primed on copper. Goldman this week raised its first-half 2026 copper price forecast to $12,750 a metric ton, and benchmark three-month copper on the LME was last quoted in a Reuters report at $12,831 a ton by 1310 GMT, after touching a record $13,387.50 earlier in the week.
Antofagasta’s stock has been choppy. It ended Thursday down 1.51% at 33.36 pounds, lagging the FTSE 100, a day after touching a fresh 52-week high, MarketWatch data showed. 2
Mining shares have also been dragged into a broader rerating of the sector as deal talk swirls. Rio Tinto and Glencore are in renewed merger discussions, MarketWatch reported, a backdrop that has kept attention on big copper producers and consolidation themes. 3
But not everyone is ready to chase Antofagasta higher. Deutsche Bank cut the stock to “sell” from “hold” on Thursday and put a 2,400p–2,800p target range on the shares, arguing valuation looked “very full” after the stock doubled in 2025 and that the market may start to look for other large copper names as alternatives over the next 6–12 months.
For now, the tape is doing what copper does: it exaggerates the mood. A turn lower in the red metal, or a shift in tariff headlines that cools stockpiling and tightness outside the U.S., would test how much of Friday’s move is broker-driven rather than fundamentals.
The next hard catalyst is Antofagasta’s Q4 2025 production report on Jan. 29, followed by full-year 2025 results on Feb. 17, when investors will look for updated output guidance and capital spending signals around Centinela and Pelambres. 4
