Industrial Metals Weekly

Research evidence excerpt

Industrial Metals Weekly

le iron ore fell to $101.50/dmt

(-3.6%).

• News & Published Research: The RBC Global Mining team published a note assessing the Peruvian

election in early June and its implications on RBC's mining coverage, note here. This was followed

up by the Peru Mining Expert Call, note here. We published the RBC Elements: RBC Capital Markets

Copper Outlook, providing a comprehensive update on the copper market and its current drivers.

RBC also updated its commodity price forecasts with the Q2 Global Commodity Update. Since our

base metals assumptions remained stable, company valuations were largely unaffected, resulting in

no changes to our price targets or ratings for our base metals coverage.

Chart of the Week: Stated Codelco Production Since 1990

Codelco has been in a prolonged structural decline for about a decade. Production peaked at roughly

1.7Mt in the mid-2010s, and has been falling steadily since due to a combination of aging mines,

declining ore grades, and a series of operational setbacks including the 2025 El Teniente collapse. The

governance scandal that recently emerged adds a new dimension to the story and time will tell if new

leadership can better deliver on production targets. Looking at the bigger picture, Codelco still accounts

for roughly 8-9% of global mined copper supply which remains a meaningful supply factor to watch.

Source: Cochilco Reports

Priced as of prior trading day's market close, EST (unless otherwise noted). All values in USD unless otherwise noted

Disseminated: Jun 9, 2026 14:52EDT; Produced: Jun 9, 2026 14:52EDT

For Required Non-U.S. Analyst and Conflicts Disclosures, see page 22

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