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LME Cobalt (Fastmarkets MB)

51147.24

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Investing.com - A structural bull case is unfolding in copper, according to analysts at UBS, and further price gains are likely next year.

“Copper remains our top pick among industrial metals and is a key driver behind our upgrade of commodities to ‘Attractive’ from ‘Neutral.” said analysts at UBS, in a note dated Nov. 21.

Copper remains vital to the global economy, supporting electrification and growth across sectors, the Swiss bank said. The shift of major economies toward renewable energy, along with emerging demand from data centers, is expected to drive strong, long-term copper demand.

“We therefore now expect global copper consumption to grow by 2.8% in both 2025 (up from 2.2%) and 2026 (down from 2.9%). We see some downside risks to our demand forecasts, as higher copper prices may curb demand,” UBS added.

The Swiss bank has raised its quarter-end March 2026 forecast by $750/mt, and its June and September 2026 forecasts by $1,000/mt to $12,000/mt and 412,500/mt, respectively, and has also introduced a new December 2026 target of $13,000/mt.

“We favor selling downside price risk or maintaining a long position in the metal,” UBS said.

At 08:30 ET (13:30 GMT), Copper Futures traded 1.8% higher at $10,949/mt, having risen nearly 25% year-to-date.

Supply-side risks will likely persist into 2026—the recovery in production will likely depend on Grasberg and Ivanhoe’s Kamoa-Kakula mines— while grade declines continue to challenge output at Collahuasi (Chile). Meanwhile, Peruvian production has recovered somewhat to be up 2.7% y/y during January to August.

It’s a shame you don’t do your homework before posting.

Iam reading a lot of false information from more than one poster.

We all have an agenda in your case I think it’s just sheer laziness.

Thank you as always to those who have to correct not just your many posts but others as well.

Just sit back and watch the rise once production gets into full swing

DYOR 🤣

UBS raised its March 2026 price forecast by $750 per metric ton to $11 500, increased its June and September 2026 targets by $1 000 a ton to $12 000 and $12 500, respectively, and introduced a new December 2026 target of $13 000 per ton.

UBS also raised its market deficit forecasts to 230 000 tons in 2025, up from 53 000 tons previously, and to 407,000 tons in 2026, up from 87,000 tons before, saying falling inventories and persistent supply risks will keep conditions tight.

A big if

If all the facilities are up and running with in two years.

This includes two waste dumps mopani waste dump included.

I see the share price in double figures and a regular dividend .

Here for the long term as we all know copper is and will be in short supply for many years to come with prediction of copper climbing in the short term to $12,000 a ton.

If Leon achieved it target lol

25,000 tons cost being generous $5000

25,000x$7000 =$175 million profit before tax’s 30% =profit $123 million roughly £100 million.

Long term I see huge potential but you also will need to take into consideration partnerships % of profits

Personally I do wonder why partnership with the waste dump when you can buy the company with 8 million debt for £220 million plus or 7.5-8p

This is one thing I hope will not happen but lots of large companies want to get into copper.

We have the dumps the pits and technology to produce copper and maybe a huge pot to develop.

A company may come in before value is reliased

May be at the time but he may need to update that Molefe mine is bigger than project g once the resource drilling has been completed.

Suggest you calculate the increase in production and come back with a figure being such a expert😂😂😂

Yes they should be profitable with copper increasing over 20% since last year and no disruptions on power .

The material is predominantly oxide copper with more than 85% of copper concentrate produced, refined currently to copper cathode at Sable.

Looking good for next week on partnerships

Key growth drivers during the quarter under review

o Roan reaching stable production

o Molefe mine commencing operations with the delivery of high-grade ore to Sable refinery

· Targeted growth deliverables for Q2 FY2026

o Molefe mine to increase delivery of high-grade Cu ore from 3 500t per month (achieved in October 2025) to 4 500t per month in November 2025 (on target)

· Targeted growth deliverables for by end of Q3 FY2026

o Molefe mine to further increase high-grade Cu ore deliveries to reach 8 500t per month by end of Q3 FY2026

o Roan set to increase copper concentrate deliveries to Sable refinery on the back of a 30% expansion of the current filtering capacity to incorporate the fine copper concentrates currently stockpiled on site at an approximate rate of 65tpm of copper contained in concentrates

· Targeted growth deliverables by end of Q4 FY2026

o Full quarter operation at Molefe mine at capacity of 8 500t per month by end of quarter

o Roan concentrator to target an increased throughput of 40 000t per month from 30 000t per month currently (33% increase)

SeisNav

Peppermill holding is Zero from RNS 6/10

Thankyou for the update.

Buy backs first Jonny

Reduce the amount of shares down and then dividends.

But you will need to control Leon as it will be like handing a golden honey pot to a child with the amount of money coming through.

No more deals unless the infrastructure is in place.

If you want to take a offer 10p plus and my millions will say yes.

Allot shares in the Company or grant rights, warrants or options to subscribe for, or convert

any relevant security into shares in the Company (together "Relevant Securities") up to an

aggregate nominal amount of £4,508,489 representing approximately 15% of the total issued

share capital of the Company, as at the last practicable date prior to the date of this notice,

pursuant to arrangements made between the 2024 AGM and the 2025 AGM; and

(ii) to exercise all the powers of the Company to allot and make offers to allot Relevant

Securities up to an aggregate nominal amount £4,508,489 (representing approximately 15%

of the total issued share capital of the Company, as at the last practicable date prior to the

date of this notice);

and such authority shall, unless previously renewed, extended, revoked or varied by the Company in general

meeting, expire on the conclusion of the next AGM of the Company or 31 December 2025

Back from work and so many posts to read.

Harmproof

Yes to your question.

I buy most months and have topped up several times last month and this month.

An opportunity to reduce my average.

I will look forward to buy backs and dividends in the future.

What a stupid post

CFO can’t buy until the news and financial accounts are out.

Next year after all the disclosures are out.

Can see the share price drifting down until news.

Opportunity to buy .

On the waste dump they have sold only 5 % for $6 million

If the whole dump was sold for the same price per million ton then you are looking at $120 million and we paid $18 million.

The company will be receiving $90 million for its South Africa business and receiving $18 million in instalments from the zinc and waste transaction.

The market Value at the moment is £87million

Hi Frogkid

It won’t need to come from the sale.

With the increase in chrome price and/platinium/copper/Rhodium/paladium

The profits for this half year will easily pay for a share buyback or dividend.

What we don’t know yet is how much loss we made last year on the chrome business.

The Board is confident that the Transaction represents a compelling opportunity for the Company to realise value from its Chrome and PGM Operations.

· Strategically repositions Jubilee within the copper sector with significantly greater investor recognition and valuation multiples as compared with chrome and PGMs.

· Sale proceeds would substantially exceed Jubilee's short-term capital requirements for its copper business.

· Zambia presents a highly attractive platform for growth underpinned by strong copper market dynamics, expanding resource potential and meaningful economic upside.

· Transaction is non-dilutive and creates the opportunity to implement a sustainable share buyback programme and/or implement a dividend policy in future.

· Transaction has an enterprise value of approximately US$146 million, which represents a 6.0x multiple on the FY2024 EBITDA of the assets being sold.

Photos of the openpit2 are on JLP LinkedIn for those who haven’t seen them.

LME Copper

10796.00

0.74%

3-month Closing Price (day-delayed)