BMO Metals Brief

Research evidence excerpt

BMO Metals Brief

June 17, 2026

Global Commodities

BMO Metals Brief Global Commodities

Helen Amos Analyst

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

 PRC Macro Call: Yesterday we hosted a well-attended webcast with PRC Macro, the China political

and economic think tank. As always, PRC Macro shared thought-provoking ideas on China’s George Heppel Analyst

economic pathway and its rapidly shifting policy around its metals and mining value chain, both george.heppel@bmo.com +44 (0)20 7664 8106

in and ex-China. Ideas discussed included the potential for a sharp rebound in infrastructure

Alona Yunda Senior Associate spending in H2 driven by urban renovation, China’s need to catch up on AI infrastructure (limited

by chips), the resurgence in thermal coal generation capacity that has quietly gone under the alona.yunda@bmo.com +44 (0)20 7664 8122

radar, and the vast implications stemming from China’s new Mineral Resources Law, including Walid Hasanzadeh Associate

likely even greater leverage on global supply chains to improve “China’s terms”. On walid.hasanzadeh@bmo.com +44 (0)20 7872 1565

commodities, they are bullish on coal, particularly met, suggesting the supply impact has been

massively underpriced, bearish on silver (solar), see strong retail demand for gold, reflation of Legal Entity: BMO Capital Markets Limited

domestic copper and aluminium smelting costs, and potential for a new wave of supply reforms

in lithium and polysilicon. See replay link here. LME Index (LMEX)

6,100

 China overhauls critical mineral regulations: China’s new Mineral Resources Law took effect on 6,000

Monday, representing the most comprehensive overhaul of the country’s mining regime since 5,900

the law was introduced in 1986. Under the new rules, the central government will define and 5,800

5,700