JP Morgan raised its target price on Rio Tinto to 7,200p from 7,030p, citing resilient near-term iron ore pricing and sustained demand from Chinese infrastructure spending. The revision reflects improved sentiment in the mining sector, driven by expectations of tighter supply dynamics and stable global steel production trends. This upward adjustment supports Rio Tinto’s equity performance and may influence capital allocation expectations, particularly around shareholder returns. The move also underscores JPMorgan's constructive stance on commodity-linked equities amid modestly firming rate-differential expectations and contained dollar strength. Traders will watch the upcoming Chinese property investment data for signals on iron ore demand sustainability.
JP Morgan lifts its target price on Rio Tinto to 7,200p, up from 7,030p.
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