UBS identifies top copper stocks amid projected market deficit

UBS has released a ranking of the most attractive copper producer stocks, forecasting a market deficit of 379,000 tonnes by 2027. The bank’s top picks include Anglo American and Teck Resources, two companies that have announced a merger of equals to form Anglo Teck plc. This merger, which shareholders approved in December 2025, is expected to receive final regulatory approval between September 2026 and March 2027 and could generate approximately $800 million in annual pre-tax synergies.

Following the top two are First Quantum Minerals, Freeport-McMoRan, and Hudbay Minerals. UBS noted significant individual risks for certain companies, specifically highlighting First Quantum Minerals due to the outcome of the Cobre Panamá mine, where the company has invested approximately $10 billion.