Analysts Conflicted on These Materials Names: Nevada King Gold Corp (Other OTC: NKGFF), Rio Tinto Limited (Other OTC: RTNTF) and Sumitomo Metal Mining Co (Other OTC: STMNF)Raising earnings estimates on higher copper/gold price outlook; upgrading to 2025 | 11:48PM JST | Research | Equity Our commodities team announced a new outlook for copper prices on November 20 (Link). They now forecast a copper price of US$10,610/t at end-2025 (up from US$10,385), US$10,500/t in 2026, and US$10,750/t in 2027. The background to this is a tighter copper supply-demand balance in 2025. They assume that supply constraints from multiple overseas mines and increased demand from key sectors will create a deficit, and that copper prices will maintain an uptrend.