UK & European Research at a Glance - June 16, 2026

Research evidence excerpt

UK & European Research at a Glance - June 16, 2026

UK & EUROPEAN RESEARCH AT A GLANCE

in Luxury/Sporting Goods.

Robert Kwan, CFA (Analyst) Global Power, Utilities & Infrastructure

(604) 257-7611; robert.kwan@rbccm.com Published June 16 2026 00:15:00 EDT

EPIC yet again

Earlier this month at the RBC Energy, Power & Infrastructure Conference (EPIC),

the Global Power, Utilities & Infrastructure and Global Energy teams hosted 130

companies and roughly 370 investors for breakout sessions, thematic panels and

almost 2,400 scheduled management and investor interactions (one-on-one or

group meetings). Please click the links for the recap notes for Day 1 and Day 2, and

please see RBC Insight for individual company updates. We look forward to seeing

you at EPIC next year in New York on June 8-9, 2027.

Sam Crittenden, P.Eng., CFA (Analyst) Industrial Metals Weekly

(416) 842-7886; sam.crittenden@rbccm.com Published June 15 2026 15:16:35 EDT

What the ceasefire means for copper

Our view: The US/Iran ceasefire and reopening of the strait has proven constructive

for copper prices, now back above $6.20/lb, with equities rallying and WTI

retreating to $80/bbl. For producers, two implications stand out. First, while Q2 cost

inflation appears unavoidable, producers may escape the full ~10% full-year cash

cost increase, contingent on the durability of an uneasy peace. Second, normalizing

sulphuric acid availability offers another cost tailwind; acid is essential for copper

oxide processing (~15% of global supply), prices have surged fivefold over the past

year, and the strait's reopening should catalyze a sharp correction. Capstone is

the clearest beneficiary given its oxide-heavy production profile (~10% of output),

while Ivanhoe sits at the opposite end as a net acid seller.