Australian Research at a Glance - May 25, 2026

Research evidence excerpt

Australian Research at a Glance - May 25, 2026

AUSTRALIAN RESEARCH AT A GLANCE

Industry Comments

Research RBCCM Global Financials () Global Financials Research Group – Weekly Valuation Overview

rbccmglobalfinancials@rbccm.com Published May 21 2026 21:57:57 EDT

This publication shows estimates and valuations for our coverage of Global

Financials for the week ending May 22, 2026. Please see the footnotes in the

coverage tables for further details.

Please note that all RBC ratings, price targets, estimates, and forward valuation

metrics are as of 5PM ET on May 21, 2026, unless otherwise noted.

Ben Davis (Analyst) Mining: How much left in the global restock

+44 20 7002 2065; ben.davis@rbccm.com Published May 22 2026 01:03:46 EDT

Growth and uncertainty face headwinds

Our view: Miners sit at the beginning of a very long inventory chain, where the

restocking and destocking can vastly outpace the underlying demand cycle. The

world has been adjusting to uncertainty and geopolitical fragmentation by holding

more. For commodity prices the key will be how long this restocking goes on for

and whether we will see a subsequent destocking afterwards. Bull case, we face a

decade of exaggerated apparent demand; bear case, it can begin to unwind in the

next six months. We would be surprised to see a significant de-escalation in global

tensions over the immediate term, but if the threat of Trump's tariffs is taken off the

table or a slowdown in the economy, that could catalyse a destocking. From a visible

inventory, price and multiple perspective, copper and copper equities appear the

most exposed, but likely all base metals, PGMs and iron ore would be impacted.

Investment Strategy Research

Sara Mahaffy, CFA (Analyst) Sara's Scoop