UBS cuts Capstone Copper FY27 output estimate on high acid costs

UBS lowered its FY27 production estimate for Capstone Copper by 15,000 metric tons to 209,000 tons, citing high acid prices constraining cathode output and Mantoverde heap production cuts. The bank's estimate is now well below consensus of about 227,000 tons. UBS keeps a buy rating and A$18.00 target, citing upside if acid prices improve. Shares fell 4.2% to A$11.34.