Scotiabank cautious on copper demand outlook, sees hope in US-China trade progress

Cameco

16/06/2025 14:22

** Scotiabank is cautious on near-term copper demand outlook due to macro uncertainty, but U.S.-China trade war de-escalation efforts offer hope for avoiding global economic shutdown

** Brokerage sees copper market to experience modest supply deficit in near term due to low inventory levels, with significant shortage emerging in medium term due to limited supply growth

** "We forecast visible inventories to modestly decline this year and remain at relatively low levels in the years ahead, supporting a robust price environment," Scotiabank says

** Scotiabank upgrades rating on Freeport-McMoRan FCX.N to "sector outperform" from "sector perform"

Brokerage raises PT on following companies:

Company
New PT
Old PT
Upside to stock's last close
Cameco Corp CCO.TO
C$95
C$93
5.6%
Freeport-McMoRan FCX.N
$48
$43
17.2%
Ero Copper ERO.TO
C$26
C$24
22%
First Quantum Minerals FM.TO
C$24
C$22.50
14.5%
Hudbay Minerals HBM.TO
C$15.50
C$14
18.5%

 (Reporting by Pooja Menon in Bengaluru)

 ((Pooja.Menon@thomsonreuters.com;))