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 22, 2026 Harrison Reynolds (Analyst)

(647) 504-7192,

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

(416) 842-8044,RESEARCH Metal prices await peace deal clarity ali.mecklai@rbccm.com

Our view: Copper equities and spot copper were both effectively flat last week as traders assess the Saad Khan (Associate) (416) 842-8395,

relief rally that began with the US-Iran peace deal. The agreement appears to be holding for now, with saad.khan@rbccm.com

the strait now reopened to toll-free shipping, the US naval blockade being lifted, and oil settling to multi- RBC Europe Limited

month lows (~$80 Brent). Though we note the deal is a memorandum rather than a final treaty, we Ben Davis (Analyst)

are remaining cautiously optimistic. Two further catalysts now stand out for our coverage. First, the US +44 20 7002 2065,

ben.davis@rbccm.com Department of Commerce must deliver its review of US refining capacity to the US President by June Marina Calero (Analyst)EQUITY 30th, the determination that decides whether a phased universal tariff on refined copper imports (15% +44 20 7429 8785,

from 2027, 30% from 2028) gets layered atop the 50%/25% tariffs (on semi-finished copper products marina.calero@rbccm.com

Laura Chan (Analyst) and copper derivative products) already in place since June 1. Second, FM’s Cobre Panama cleared a +44 20 7029 7537,

hurdle on Friday with its audit score of 88% compliancy across 370 commitments. We see this as a key laura.chan@rbccm.com

step toward a potential restart. Next steps likely include a recommendation on a path forward from