In a detailed research note published ahead of the fourth-quarter reporting season, JPMorgan analysts reiterated their conviction in Antofagasta PLC as a cornerstone position within their global base-metals portfolio. Highlighting the company’s vertically integrated copper operations—from large-scale open-pit mines in Chile to a refined copper chain—the bank underscored its structurally positive outlook on copper demand through 2026 and beyond. JPMorgan pointed to tightening global supply fundamentals, with stockpiles on major exchanges down by more than 20% over the past year, and forecast an average annual shortfall of 200,000 tonnes by end-2026. The note stressed Antofagasta’s robust project pipeline, including expected first production from the Zaldivar sulphide expansion in mid-2026, which could add up to 60,000 tonnes of annual copper output. JPMorgan’s reaffirmation reflects confidence in Antofagasta’s ability to deliver free cash flow in a high-price environment and to reward shareholders via disciplined capital allocation as market imbalances deepen.