Scotiabank increased Vale’s price target citing tight copper markets and record production in iron ore, copper, and nickel.
Scotiabank raised Vale S.A. (VALE) price target to $19 from $18 while maintaining a Sector Perform rating. The firm cited tighter-than-expected copper markets and insufficient medium-term supply growth to balance demand.
Vale reported record Q1 2026 production levels, with copper output at its highest since 2017 and nickel since 2020. Iron ore sales also reached a first-quarter high since 2018, supported by new asset ramp-ups.
The company remains the world’s largest producer of iron ore and nickel, with operations spanning over 20 countries.