• Copper prices rebounded to near $13,000 per ton after Middle East de‑escalation, prompting UBS to recommend select copper equities.
• UBS highlights First Quantum, Anglo‑American/Teck merger, Teck Resources, and KGHM as top picks due to company‑specific catalysts and valuation upside.
• UBS notes copper’s structural demand from supply constraints and energy transition, but near‑term fundamentals are mixed with high inventories.
• KGHM is seen as cheap copper‑silver exposure; improving margins and deleveraging could boost free cash flow and trigger an EV/EBITDA rerating.