瑞银发布全球铜矿行业2026年三季度预览报告。受智利天气影响，预计三季度铜产量疲弱；公司下调2026/2027年产量预期的进程或随三季报启动，但多数公司将在12月或明年1月公布指引。预计未来数月将有多项新项目获批（必和必拓/伦丁的Vicuna、自由港的Bagdad、Hudbay的Copper World及Capstone的Santo Domingo），成本压力持续，资本开支预估普遍面临上调。报告维持对铜基本面建设性看法，但更偏好估值折价且催化剂丰富的标的。首选铜矿股：自由港（Freeport）、First Quantum、英美资源（Anglo）、泰克资源（Teck）与Hudbay。
UBS Global Research report on the copper mining sector, titled "Copper Mining - 3Q26 Quarterly Preview & Estimates" (13 October 2026). We expect weak 3Q copper production in Chile due to weather. The annual process of companies managing down expectations for 2026/2027 production is likely to start with 3Q results, but most companies will provide guidance in December or with 4Q results in January 2027. We expect a number of new project approvals in the coming months (BHP/LUN - Vicuna, FCX Bagdad, HBM - Copper World and CS - Santo Domingo) and expect cost pressures to persist, generally resulting in upward revisions to capex estimates. We remain constructive on the fundamental outlook for copper but prefer stocks rich with catalysts that are trading at discounted valuations. Preferred copper stocks (6-12m view): Freeport, First Quantum, Anglo, Teck and Hudbay. The report provides detailed quarterly previews for Freeport, Southern Copper, BHP, Teck, Anglo American, Glencore, Antofagasta,