Citi names South32 top mining pick, raises copper price forecast to $15,000/tonne.

Citi has raised its long-term copper price forecast to $15,000 per tonne, citing supply shortages through 2027-2028. As a result, Citi upgraded target prices for several miners, including South32, BHP, and Rio Tinto. South32 stands out for its exposure to both copper and aluminium, with its Hermosa project in Arizona seen as a key growth driver. Citi expects South32 to benefit significantly from rising commodity prices over the next two years, while favoring Glencore among major diversified miners for copper exposure.