Antofagasta stock rises 3.45 percent as copper outlook improves

Published on 09/22/2026 at 13:03 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Antofagasta stock traded at GBX 3,783 on September 22, 2026, up 3.45 percent. Berenberg kept its 4,400p target after a copper pullback.

Schwarzweiß-Dokumentarfoto von Bergarbeitern mit Helmen an einer Bohranlage im Tagebau — Schwarzweiß-Reportagefoto von Bergarbeitern an Fördertechnik illustriert Antofagasta plc GB0000456144 im chilenischen Kupferbergbau dokumentarisch, Illustration mit AI erstellt.

Antofagasta stock (ISIN GB0000456144) traded at GBX 3,783 on the London Stock Exchange on September 22, 2026, up 3.45 percent from the prior close. The move came as Sharecast reported that Berenberg upgraded the stock from Hold to Buy while retaining a 4,400 pence price target.

Berenberg keeps 4,400p target

According to Sharecast on September 22, 2026, Berenberg raised its rating from Hold to Buy after the previous week's copper price pullback. The research note kept the target at 4,400 pence, implying about 16 percent upside from the level cited in the report.

The market data show a more measured valuation picture. MarketBeat listed an average analyst target of GBX 3,843.75 and a consensus Hold rating on September 22, 2026, while the high target stood at GBX 4,500 and the low target at GBX 2,700.

Production figures strengthen the case

The operating backdrop also contains quantified support. A September 22, 2026 equity snapshot reported first-half 2026 EBITDA of USD 1.168 billion, equal to 58 percent of the full-year forecast and 54 percent of consensus. Copper revenue reached USD 604 million, up 10 percent quarter on quarter.

The same September 22, 2026 report said processed copper grades improved to 0.52 percent in the first half of 2026 from 0.33 percent in the first half of 2025, while throughput rose 26 percent year on year. Management also raised full-year 2026 gold concentrate guidance by 34 percent to 775,000 ounces as the smelter ramp-up progressed.

Stock remains below yearly high

Antofagasta's GBX 3,783 reference price stood below the 52-week high of GBX 4,475 and above the 52-week low of GBX 2,318 on September 22, 2026. MarketBeat reported volume of 144.71 million shares and a market capitalization of GBP 37.29 billion for the same market snapshot.

The key tension is therefore numerical rather than rhetorical: Berenberg's 4,400 pence target is above the current quote, but the broader consensus target of GBX 3,843.75 is much closer to the market price. Copper prices and the delivery of higher grades remain the variables connecting the production figures with the valuation.

Antofagasta stock holds at GBX 3,783

Antofagasta stock closed the cited market snapshot at GBX 3,783 on the London Stock Exchange on September 22, 2026, with a daily gain of 3.45 percent. Its market capitalization was GBP 37.29 billion and its 52-week range was GBX 2,318 to GBX 4,475.