Deutsche Bank’s top picks in mining as copper market faces potential squeeze

What happened: Deutsche Bank named Anglo Teck, Glencore, Freeport-McMoRan, First Quantum Minerals and China Hongqiao Group as its top mining picks, with analyst Liam Fitzpatrick expecting a potential copper squeeze. Key numbers: 2027 copper price raised to $14,500/t from $12,500/t; aluminium to $3,050/t from $3,000/t; iron trimmed to $98/t Why it matters: Weak iron ore prices turned mark-to-market earnings risk slightly negative for the majors, while copper names remain in upgrade territory. Rising bond yields and a stronger dollar have weighed on markets, and macro risks remain elevated.

Deutsche Bank named Anglo Teck, Glencore, Freeport-McMoRan, First Quantum Minerals and China Hongqiao Group as its top mining picks, with analyst Liam Fitzpatrick expecting a potential copper squeeze.

Weak iron ore prices turned mark-to-market earnings risk slightly negative for the majors, while copper names remain in upgrade territory. Rising bond yields and a stronger dollar have weighed on markets, and macro risks remain elevated.