High Yield Nuggets: Metals & Mining Weekly: Finishing Earnings, Panama delays final audit, Hybar potential debt raise

Research evidence excerpt

High Yield Nuggets: Metals & Mining Weekly: Finishing Earnings, Panama delays final audit, Hybar potential debt raise

Metal Price Updates

04/29/2026: Please review our commodity counterpart's Global Metals Weekly report:

Iran war a risk, but energy resilience

The Iran war is a near-term demand headwind, but not enough to change baseline

metals balances, while supply constraints across aluminum, copper, diesel and sulphuric

acid, plus energy-resilience / grid spending, support a constructive view on aluminium,

copper and gold.

Copper: View remains constructive as tight mine supply outweighs softer demand risk;

large mine disruptions, low treatment charges and recovering China grid spend all point

to a constrained market, with expected deficits in 2026/2027 and prices moving above

$15,000/t.

Aluminum: Stronger outlook driven by Middle East smelter disruptions and limited

ability for China to offset the shortfall given its 45Mt capacity cap and export duties;

deficits are expected to deepen through 2027, supporting the pull-forward of the

$4,000/t price forecast to 4Q26.

North America Steel: Fundamentals remain solid due to import restrictions, which

shelter domestic pricing from external supply pressure; however, the 2027E forecast

was cut to $862/t, suggesting support is more policy-driven than demand-led.

Gold: Still supported despite near-term weakness from oil/Fed concerns, as elevated US

policy uncertainty, fiscal deficits and a weaker USD keep demand for macro hedges

intact; the 12-month forecast remains $6,000/oz.

Regional reports:

North American Metals & Mining report: Commodity price update: precious, energy

European Metals & Mining report: Commodity price update: War = upgrade for

aluminium. Palladium down.