North America Metals and Mining: M&M Sector Scraps and Nuggets

Research evidence excerpt

North America Metals and Mining: M&M Sector Scraps and Nuggets

Equity Research

29 June 2026

North America Metals and Mining

M&M Sector Scraps and Nuggets

Snapshot of key industry highlights

Key Takes: This week's focus is on a couple of key trade related decisions to be made this week, North America Metals & Mining

including a potential implementation of tariffs on US refined copper imports (June 30), as well POSITIVE

as USMCA negotiations (July 1). For copper, we believe the market is not pricing in any North America Metals & Mining

significant shift in policy (i.e.: COMEX copper is only trading at a 2.5% premium to LME prices), Richard Garchitorena

which could set the stage for material declines if tariffs are applied. We continue to view +1 212 526 5697

pullbacks as opportunities, with our preferred names being FCX, HBM and FM in copper richard.garchitorena@barclays.com

(SCCO relative UW) and NUE and STLD in steel (CLF relative UW). BCI, US

Liqi Peng

Prices: As of June 26, LME copper prices declined 2% M/M to $6.06/lb, while CME copper prices +1 212 526 1964

declined 4% M/M to $6.21/lb. Gold prices declined 9% M/M to $4,089/oz, spot NdPr prices rose liqi.peng@barclays.com

8% M/M to $107/kg, while Uranium prices were up 1% M/M at $85.15/lb. BCI, US

NUE held spot HRC prices flat for the week of June 29: Per SMU, NUE announced that HRC

prices will remain unchanged vs. the prior week at $1,130/ton, the first week prices were flat

w/w since Jan. 12 after 23 consecutive weeks of increases. This week's price still represents its

highest level since April 2023.

Copper inventories, net speculative positioning continues to climb: As of June 26, total LME

and Comex copper inventories declined slightly by 2% M/M but remained up 234% Y/Y, with LME