BMO Metals Brief

Research evidence excerpt

BMO Metals Brief

June 16, 2026

Global Commodities

BMO Metals Brief Global Commodities

Helen Amos Analyst

helen.amos@bmo.com +44 (0)20 7664 8180

 BMO to host PRC Macro today: We are hosting PRC Macro TODAY at 2:00pm UK / 3:00pm EU /

9:00am ET to discuss accelerating state investment and strategic competition across global metals George Heppel Analyst

and mining supply chains, as deglobalisation and demand from power, AI and defence sectors george.heppel@bmo.com +44 (0)20 7664 8106

intensify. Please contact your sales representative for further details.

Alona Yunda Senior Associate

 Weaker China economic data: YTD fixed asset investment was down 4.1% y/y over January-May alona.yunda@bmo.com +44 (0)20 7664 8122

(vs. -1.6% previously), the only negative reading for the month of May in recent history (past

Walid Hasanzadeh Associate three decades) with the exception of 2020. Property investment remained the main drag, while

smaller increases were recorded in infrastructure and manufacturing investment. Retail sales walid.hasanzadeh@bmo.com +44 (0)20 7872 1565

ticked down 0.6% y/y in May (vs. +0.2% in April), the lowest reading since December 2022. The Legal Entity: BMO Capital Markets Limited

Labor Day holiday in early May failed to offset weak consumer spending, with automobile sales

plunging 16.1% y/y. Industrial production increased by 4.5% y/y last month (vs. +4.1% LME Index (LMEX) previously), which was the softest growth since July 2023, while the unemployment rate

6,100

declined to 5.1% (from 5.2%). Activity accelerated in manufacturing (28 of 41 major industries 6,000

recorded growth, including equipment, machinery, and railway and shipbuilding), as well as the 5,900

production and supply of electricity, heat, gas, and water, while growth in mining moderated.