Copper prices have outperformed our expectations as the supply issues in Chile and Panama have had a greater impact on the market than we anticipated. Accordingly, we have upgraded our near-term copper price forecasts by 15-25% to reflect the stronger market fundamentals. MAC’s 1QCY24 result was weaker than we had expected, however this was largely due to a regional power outage. Guidance ranges are unchanged, which should see MAC deliver increased copper output over the remainder of CY24 into higher copper prices. The improved outlook for copper has driven +100% upgrades to our earnings forecasts for CY24 and CY25. We are reiterating our BUY rating and lift our price target by 4% to A$27.00 to reflect the improved earnings outlook.
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