Morningstar marginally hikes fair value estimate for Rio Tinto on higher base metal prices

Rio Tinto

11/10/2026 19:45

** Analysts at Morningstar hike the fair value estimate of global diversified miner Rio Tinto RIO.AX by 4% to A$130, citing stronger copper, aluminium and alumina price assumptions
** Investment research firm assumes average copper prices for 2026-2029 will increase by 50 US cents to $6.50 per pound, citing mine supply disruptions and tariff-related trade distortions
** Similarly, Morningstar expects a 10-cent increase per pound of aluminium at $1.60, 20-cent increase for zinc at $1.80/ pound for the next three years
** In July, Rio reported a 43% jump in half-year underlying earnings, its highest in four years as copper and aluminium profits outpaced iron ore, which had been its mainstay metal
** Morningstar forecasts Rio's net margin to increase by nearly 6% to 23.3% for FY26, revenue growth to slow to 4% from 5.8% reported in FY2025 
** YTD, stock up 10.6%, as of last close

 (Reporting by Rudrannsh Mehra in Bengaluru; Editing by Mark Porter)
 ((Rudrannsh.Mehra@thomsonreuters.com;))