Antofagasta upgraded to Buy by Berenberg after copper selloff

Antofagasta was upgraded to Buy by Berenberg on September 14, 2026, after copper prices fell following reports the US has not decided on refined copper tariffs.

Berenberg said the downgrade in metal prices has left Antofagasta trading at more attractive valuation levels compared with peers, creating a buying opportunity for investors who view the tariff uncertainty as a near-term shock rather than a structural hit to demand.

Berenberg cites valuation gap

Analysts at Berenberg argued that Antofagasta's prospective earnings and cash flow give the stock room to recover if copper stabilizes, pointing to valuation metrics they see as below long-run averages for major copper producers. The firm framed the upgrade as driven by price risk being front-loaded rather than a change to the company's operating fundamentals.

For traders, the move links two near-term drivers: commodity price swings and policy noise on refined-copper levies in the US. Miners with heavier exposure to refined-product markets may remain under pressure until trade authorities clarify tariff intentions.

Investors will watch for any formal US decision on refined copper tariffs by October 14, 2026; a decision to impose levies would likely extend downside pressure on refined-product prices, while a delay or rejection could prompt a rebound in copper-sensitive equities.