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 29, 2026 Harrison Reynolds (Analyst)

(647) 504-7192,

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

(416) 842-8044,RESEARCH Copper equities underperforming ali.mecklai@rbccm.com

Our view: Copper equities sold off this past week alongside the underlying commodity, but to a lesser Saad Khan (Associate) (416) 842-8395,

extent. While copper prices fell 1.8% w/w, copper equities dropped 10.9% w/w, our worst-performing saad.khan@rbccm.com

tracked asset class of the week. This leaves valuations looking cheaper (see pages 6-9). On inventory RBC Europe Limited

flows, Comex hit an all-time high of 601kt (+12.0% w/w) as metal continues flowing into US exchanges Ben Davis (Analyst)

ahead of the Commerce Department's copper tariff recommendation by June 30, while Shanghai +44 20 7002 2065,

ben.davis@rbccm.com tightened to 336kt (-4.5% w/w). In China, spot TC/RCs hit a new all-time low of -$128/mt signaling Marina Calero (Analyst)

continued tightness in the concentrate market. Antofagasta has pushed Chinese smelters to replace +44 20 7429 8785,EQUITY

fixed benchmark contracts (currently at $0/mt) with spot TC/RCs; a proposal smelters have resisted, marina.calero@rbccm.com

citing price stability concerns (Mining.com). That said, smelters have more than offset negative TC/RCs Laura Chan (Analyst) +44 20 7029 7537,

through sulphuric acid byproducts, estimated at $222/mt. To further dampen volatility stemming from laura.chan@rbccm.com

the Iran war, China also announced the launch of sulphur futures contracts this year. Taken together,