<div>Investing.com — Valuations for copper mining companies have risen sharply in recent months as investors rotate toward hard assets and maintain a positive outlook on the metal’s long-term fundamentals, according to analysts at RBC Capital Markets.   [[pro_promotion | Get premium news and insight by upgrading to InvestingPro ]] RBC said copper sector multiples have expanded after a volatile start to 2026. Since December, EV/EBITDA valuations at spot prices for its coverage universe have climbed about 20%, while price-to-net asset value (P/NAV) multiples have increased roughly 10%.   The bank attributed the move partly to what it described as a “halo trade,” where investors increasingly seek exposure to commodities and other hard assets.   Copper prices themselves have also rallied strongly this year. The metal is up about 14% year-to-date, after briefly hitting a record $6.48 per pound before pulling back as buyers resisted higher prices. Prices have since rebounded to around $6.10 per pound, according to RBC.   The rebound has come despite a rise in inventories, which RBC said have increased nearly 60% year-to-date to about 1.2 million tonnes. The bank attributed the inventory build partly to seasonal factors and demand sensitivity to higher prices.   RBC added that around 600,000 tonnes of copper inventories in the United States were accumulated in 2025 ahead of potential tariffs, which could become a headwind if those stocks are later exported back to global markets.   Even with rising inventories, the bank remains constructive on copper’s outlook, pointing to expectations of growing supply deficits in the coming years and a potential rebound in Chinese demand following the Lunar New Year period.   Performance among copper producers has been uneven, RBC said. Companies such as Lundin Mining, Hudbay Minerals and Freeport-McMoRan have significantly outperformed peers this year, partly due to their higher exposure to precious metals and other company-specific factors.   Meanwhile, Capstone Copper, First Quantum Minerals and Ivanhoe Mines have lagged due to weaker guidance, operational challenges or project-specific uncertainties.   Despite the recent gains, RBC said the sector’s improving free cash flow outlook could support further valuation expansion, as mining stocks still trade at a discount relative to the broader equity market.</div>

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RBC 资本市场对铜的前景持乐观态度，指出随着投资者转向实物资产，铜矿公司的估值显著上升。自去年 12 月以来，EV/EBITDA 估值增长了 20%，P/NAV 倍数增长了 10%。尽管库存增加了 60%，达到 120 万吨，铜价已反弹至每磅约 6.10 美元，年初至今上涨了 14%。RBC 预计供应缺口将持续扩大，并且中国需求可能会反弹。生产商的表现各异，一些因涉及贵金属而表现优异，而另一些则因运营挑战而滞后

尽管库存上升，RBC 仍然对铜价持乐观态度