Fortescue Ltd

FMG: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Iron Ore and Base Metals Miners: We Update Our Assumed Commodity Prices; Mineral Resources Cheap

Jon Mills

Oct 9, 2026

Copper trades near historical highs at about USD 6.50 per pound, up 10% since our July 2026 update, given mine supply disruptions and tariff-related trade distortions. Zinc and aluminum prices are also stronger, though near-term iron ore futures are little changed.

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Fortescue Ltd

Iron Ore and Base Metals Miners: We Update Our Assumed Commodity Prices; Mineral Resources Cheap

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