Industrial Metals Weekly

Research evidence excerpt

Industrial Metals Weekly

RBC Dominion Securities Inc.

Sam Crittenden, P.Eng., CFA

(Analyst)

(416) 842-7886,

sam.crittenden@rbccm.com

Andrew D. Wong (Analyst)

(416) 842-7830,

andrew.d.wong@rbccm.com

May 19, 2026 Harrison Reynolds (Analyst)

(647) 504-7192,

harrison.reynolds@rbccm.com Industrial Metals Weekly Ali Mecklai (Associate)

(416) 842-8044,RESEARCH Copper takes a break after last week's spike ali.mecklai@rbccm.com

Our view: Copper prices surged to near-record highs last week, up to a $6.40/lb peak as Chinese demand Saad Khan (Associate) (416) 842-8395,

remained strong and global supply concerns intensified. We believe the rally was fueled by declining saad.khan@rbccm.com

Chinese copper inventories signaling strong consumption from the world's top consumer, while supply Royal Bank of Canada, Sydney

headwinds have risen on multiple fronts: a Middle Eastern sulfur shortage, while Peru's political Branch

uncertainty ahead of a June 7 presidential runoff between leftist Roberto Sanchez and conservative Kaan Peker (Analyst) +61 2 9033 3040,

Keiko Fujimori has raised fears that a Sanchez victory could trigger greater state intervention and higher kaan.peker@rbccm.com

mining taxes. Supply pressures are also emerging from major copper producers like Chile, where theEQUITY RBC Europe Limited

economy recorded its sharpest annual decline in more than three years in Q1 due to lower copper Ben Davis (Analyst)

grades, adverse weather conditions, and maintenance issues that reduced production. In Argentina, +44 20 7002 2065,

however, President Milei approved a number of incentives under the RIGI program for two large mining ben.davis@rbccm.com Marina Calero (Analyst)

projects last week.