JP Morgan Cazenove said it has an “extreme overweight positioning” on the mining sector citing as its top call BHP (LON:BHP).

Also rated ‘overweight’ by the top London investment bank are Anglo American (LON:AAL) and Rio Tinto (LON:RIO). Glencore (LON:GLEN), meanwhile, has been upgraded to ‘neutral’.

Its price targets for the UK diversified ‘diggers’ carry an average 40% upside, while it has upgraded earnings targets for 2021/22 by an average 5%.

Driving JPMC’s bullishness is a potential economic recovery, with China leading the way.

The country’s latest five-year plan, to be unveiled by Beijing later this month, “could boost spend for metals intensive green segments such as renewables and electric vehicles”, it added.

“We share the consensus view of lower iron ore prices, but remind investors that in nine of the last 11 years prices rose [from end of October to the start of March] in part due to global supply-demand seasonality, which should mitigate downside risk over the next five months,” JPMC went on.