Miner Grupo Mexico erodes after JPM downgrade

Antofagasta

23/01/2026 15:30

** Shares in miner Grupo Mexico GMEXICOB.MX slide by nearly 3% after opening on a downgrade by J.P. Morgan the day before

** JPM downgrades Grupo Mexico to neutral from overweight; subsidiary Southern Copper SCCO.N to underweight from neutral

** "After a strong rally, we believe it is time to unplug and recharge our LatAm copper exposure, reassessing risks and opportunities before the next move," JPM analysts write

** Grupo Mexico shares have surged around 30% in the past three months, with copper prices rallying above $13,000 per metric ton

** JPM expects copper prices to pull back toward $12,000 per ton in coming months on softening Chinese demand, inventory builds

** JPM's top metals pick in Latin America is Brazilian iron miner Vale VALE3.SA, with Chilean copper miner Antofagasta ANTO.L an alternative

 (Reporting by Gabriel Araujo; Writing by Kylie Madry)

 ((Kylie.Madry@thomsonreuters.com))