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

June 15, 2026 Harrison Reynolds (Analyst)

(647) 504-7192,

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

(416) 842-8044,RESEARCH What the ceasefire means for copper ali.mecklai@rbccm.com

Our view: The US/Iran ceasefire and reopening of the strait has proven constructive for copper prices, Saad Khan (Associate) (416) 842-8395,

now back above $6.20/lb, with equities rallying and WTI retreating to $80/bbl. For producers, two saad.khan@rbccm.com

implications stand out. First, while Q2 cost inflation appears unavoidable, producers may escape the full RBC Europe Limited

~10% full-year cash cost increase, contingent on the durability of an uneasy peace. Second, normalizing Ben Davis (Analyst)

sulphuric acid availability offers another cost tailwind; acid is essential for copper oxide processing +44 20 7002 2065,

ben.davis@rbccm.com (~15% of global supply), prices have surged fivefold over the past year, and the strait's reopening should Marina Calero (Analyst)

catalyze a sharp correction. Capstone is the clearest beneficiary given its oxide-heavy production profile +44 20 7429 8785,EQUITY

(~10% of output), while Ivanhoe sits at the opposite end as a net acid seller. Downstream, the acid supply marina.calero@rbccm.com

shock has depressed TC/RC charges to a record low of -$123/tonne, given smelters have compensated Laura Chan (Analyst) +44 20 7029 7537,

through acid by-product revenues of ~$222/tonne (Mining.com). While May Chinese copper imports laura.chan@rbccm.com