JP Morgan has raised its price targets on mining companies Vedanta and Xstrata, citing the benefits of higher metals prices.

It now has a 2,737p price target on India-focused copper miner Vedanta, from 2,462 previously. The company has resolved its copper-mining deficiency commendably, JPM said, adding that it has also moved into the power generation and iron ore sectors as well as delivering pleasant surprises in its zinc division.

The broker keeps its ?overweight? rating on the miner. Like Xstrata, Vedanta has better volume growth than other miners, JPM said.

Its price target on Xstrata rises to 4,647p from 3,925p. JPM said that high copper prices have compensated for sluggish performances from zinc, lead and nickel. It also has an ?overweight? rating on Xstrata.

?Much has changed in the commodities that Xstrata produces in the past few months, with coal prices and platinum prices rising near exponentially, steel industry raw materials such as chrome doing the same, and with copper's resilience compensating for a lifeless performance from zinc, lead and nickel,? JPM said.

Despite the fact that a bid from Brazilian miner Vale now appears to be off the cards, Xstrata has such a strong organic growth profile that it does need takeover speculation to fuel its value, JPM said.