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Goldman Sachs has released a report raising its 2026-27 gold price forecasts by 10-16%, with average prices of USD4,978/ USD5,585 per ounce for 2026/ 1H27, respectively. It also lifted its 2026 copper price forecast by 7% to USD12,200 per ton.
Accordingly, Goldman Sachs has increased its 2026-27 earnings forecasts for Chinese copper and gold miners under its coverage by 9-33%.
The 2026-27 recurring earnings forecasts for ZIJIN MINING have been elevated by 14-18%. Its target price has risen from HKD39.5 to HKD52, with a Buy rating remaining in place.
Likewise, Goldman Sachs has added 20-24% to its 2026-27 recurring earnings forecasts for CMOC. CMOC's target price has ascended from HKD21.5 to HKD27, with an unchanged Buy rating.