A Communist Party meeting in China last week reconfirmed a key economic policy pivot from tightening to pro-growth. Macquarie has upgraded base metals miners' earnings forecasts to incorporate its updated commodity prices.

Chalice Mining is the broker's preferred exploration play.

Outperform retained, target rises to $10.75 from $10.70.

Sector: Materials.

Target price is $10.75.Current Price is $8.64. Difference: $2.11 - (brackets indicate current price is over target). If CHN meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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