EMEA Metals & Mining Headwinds blow harder for Mining, iron ore FOB prices now lower vs pre-conflict, Norsk Hydro (aluminium) & Gold Miners are our only Overweights

Research evidence excerpt

EMEA Metals & Mining Headwinds blow harder for Mining, iron ore FOB prices now lower vs pre-conflict, Norsk Hydro (aluminium) & Gold Miners are our only Overweights

J P M O R G A N Europe Equity Research

08 June 2026

EMEA Metals & Mining

Headwinds blow harder for Mining, iron ore FOB prices

now lower vs pre-conflict, Norsk Hydro (aluminium) &

Gold Miners are our only Overweights

We provide updated valuation and commodity price scenario analysis across our European Metals, Mining & Steel

ACEMEA Mining & Steel coverage (link). Dominic O'Kane

(44-20) 7742-6729

Copper prices fell ~3% on Friday to ~$13,500/t and MSCI European Metals & dominic.j.okane@jpmorgan.com

Mining -4% (vs MSCI Europe flat) on concerns regarding AI/Datacenter J.P. Morgan Securities plc

sentiment, US-rates, & the ongoing Middle East conflict. Since the start of the Patrick Jones

conflict, European M&M initially fell ~20% by Mid-March but has since (44-20) 7742-5964

patrick.jones@jpmorgan.com

recovered to its pre-conflict level. Similarly, copper prices had fallen ~10% to mid- J.P. Morgan Securities plc

March, but, copper prices have fully recovered given market expectations of a

Anna Antonova, CFA

potential resolution as well as supply side concerns stemming (sulphuric acid, (971) 4428-1766

diesel availability). In our China Metals Activity tracker, we show strong copper anna.antonova@jpmorgan.com

prices across March-April was in part driven by exceptionally strong copper J.P. Morgan Securities plc

demand in China (link). However, over the last six weeks copper inventory Varun Bhattad

destocking has slowed, consistent with normal seasonality (see chart below). Our (91-22) 6157-5027

latest sector analysis Headwinds blow harder for Mining as valuations hit +1SD varun.bhattad@jpmchase.com

J.P.