Copper rally boosts 2026 earnings outlook for miners: report

Rising spot metal prices are setting up one of the strongest earnings years in recent memory for diversified miners, with Rio Tinto (ASX: RIO, LON: RIO) and Glencore (LON: GLEN) leading on upside potential, according to a report by Bloomberg Intelligence.

Spot prices imply 18%–21% upside to one-year forward consensus Ebitda across major diversified miners if current levels hold, marking the largest earnings upside since early 2025. Bloomberg Intelligence says Rio Tinto and Glencore screen best, with roughly 20%–21% upside implied.