London, July 7, 2026, 00:04 BST
- Antofagasta plc LON:ANTO closed up 0.96% at 3,905p on Monday. The FTSE 100 (INDEXFTSE:UKX) slipped 0.26% to 10,651.77.
- JPMorgan Cazenove bumped the stock up to overweight and lifted its December 2027 target price to 4,500p, up from 3,400p.
- LSEG consensus target is at 3,733.37p for 12 months, which is under the current share price.
- Copper settled at $6.20 per pound on July 6, gaining 0.55% for the session and up 24.68% from the same time last year.
London was in the break between sessions at the dateline. Antofagasta last traded at Monday’s close. The London Stock Exchange listed July 6 as a regular session scheduled from 0800 to 1630 BST.
Antofagasta plc LON:ANTO gained 0.96% to 3,905p, putting it 1.22 points ahead of the FTSE 100 (INDEXFTSE:UKX) on the day. Trading volume hit 617,290 shares, or about 39% of its 1.57 million average, so the stock saw a notable jump on lighter than usual turnover.
JPMorgan Cazenove gave the shares their main boost of the day. The broker upgraded Antofagasta to overweight from neutral and bumped the December 2027 price target to 4,500p. JPMorgan said the miner is set for about 30% organic copper growth to 2028 vs 2025, driven by the Centinela second concentrator in Chile. It also lifted its 2026 and 2027 EBITDA estimates by 3% and 24%.
The broker call is out of step with the rest of the market. Investors Chronicle, using LSEG data, listed 2 buys, 4 outperforms, 11 holds, 4 sells and 1 strong sell as of July 6. Twenty analysts gave a median 12-month target of 3,733.37p, under where shares finished on Monday.
The price and forecasts below show the split. Implied moves use Monday’s 3,905p close, JPMorgan’s target and the LSEG consensus range.
| Reference point | Forecast / price | Implied move vs 3,905p close |
|---|---|---|
| Monday close | 3,905p | — |
| JPMorgan Dec. 2027 target | 4,500p | +15.2% |
| LSEG median 12-month target | 3,733.37p | -4.4% |
| LSEG high target | 4,797.58p | +22.9% |
| LSEG low target | 1,479.12p | -62.1% |
The copper price is why the gap counts. Trading Economics showed copper at $6.20 a pound on July 6, higher on the day but down 1.99% for the month. The firm’s model projects copper at $6.35 a pound by quarter’s end and $6.96 in a year.
| Copper reference | Price / forecast | Implied move vs $6.20/lb |
|---|---|---|
| July 6 price | $6.20/lb | — |
| End-quarter forecast | $6.35/lb | up 2.4% |
| 12-month forecast | $6.96/lb | up 12.3% |
Antofagasta isn’t just a copper play. First-quarter copper production dropped 7.6% from a year ago to 143,000 tonnes. Net cash costs dropped almost 30% to $1.08 per pound, helped by better gold and molybdenum credits. CEO Iván Arriagada said production should rise each quarter and described the 2026 copper price as “constructive.” Antofagasta
Antofagasta stuck to its 2026 targets, holding copper output at 650,000 to 700,000 tonnes, net cash costs at $1.15 to $1.35 per pound, and capex at $3.4 billion.
| Operating line | Latest reported figure | 2026 company guide |
|---|---|---|
| Copper production | 143,000 tonnes in Q1, down 7.6% from last year | 650,000 to 700,000 tonnes |
| Net cash costs | $1.08 per pound in Q1, down 29.9% year over year | $1.15 to $1.35 per pound |
| Capital expenditure | — | $3.4 billion |
Investors are looking at whether Centinela can deliver enough to support a stock that’s already trading above consensus target. Google Finance put Antofagasta’s market value at £38.48 billion and its P/E at 40.33 after Monday’s close. There’s less room for setbacks or lower copper prices.
The stock moved differently from other London-listed miners. Google Finance showed Fresnillo plc (LON:FRES) off 2.40%, Glencore plc (LON:GLEN) fell 0.47% and Rio Tinto plc LON:RIO dropped 0.48% on Monday. Reuters reported the FTSE 100 was pulled lower by weakness in precious metal miners and drugmakers.
Antofagasta’s up next with a Q2 2026 production report due July 15, per the company’s financial calendar. Half-year results are scheduled for Aug. 13.
