Copper looks better than aluminum medium-term, says JPMorgan as it downgrades Alcoa

Group 1 - Alcoa has been downgraded to underweight due to valuation concerns, indicating a potential overvaluation in the current market [1] - JPMorgan maintains an overweight rating on Freeport-McMoRan, suggesting confidence in the company's growth prospects despite market fluctuations [1] Group 2 - The decision to downgrade Alcoa reflects broader market trends and investor sentiment regarding aluminum prices and production costs [1] - Freeport-McMoRan's strong performance in copper production and pricing is highlighted as a key factor for JPMorgan's positive outlook [1]