Glencore upgraded as JP Morgan forecasts over 30% copper growth

Mining Written by: Ian Lyall 06:30 Wed 14 Oct 2026 --> Edited by: Jamie Ashcroft Disclaimer No investment advice About this content Editorial Standards & Policies Share article About this content × About Ian Lyall Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive's editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually. Prior to Proactive, Ian helped lead the business output at the Daily... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. Glencore PLC ( LSE:GLEN ASX:GLC ) View Price & Profile Glencore upgraded as JP Morgan forecasts over 30% copper growth Published: 06:30 14 Oct 2026 EDT JP Morgan has upgraded Glencore PLC (LSE:GLEN, ASX:GLC) to 'overweight,' with a price target of £7.30 per share, supported by expectations of copper growth and geopolitical hedging. The broker forecasts copper production to rise by more than 30% between 2026 and 2031, to about 1.1 million tonnes. Alongside this growth, JP Morgan views the miner's marketing and coal businesses as distinctive hedges against geopolitical uncertainty. The upgrade is part of a broader assessment of metals and mining stocks amid shifting geopolitics and a range of potential outcomes. European metals and mining shares have fallen 4% since the start of the Iran conflict, which the broker sees as reflecting limited investor conviction. JP Morgan argues this contrasts with earnings drivers already in effect, including strong global growth, accelerating purchasing managers' indices and the threat of US copper import tariffs. The broker also identifies structural supply constraints across copper, aluminium, coal and steel as supporting its sector outlook. Within this assessment, Glencore ranks among JP Morgan's highest-conviction stocks for equity returns in the fourth quarter and 2027. Continue reading