BMO Metals Brief

Research evidence excerpt

BMO Metals Brief

July 1, 2026

Global Commodities

BMO Metals Brief Global Commodities

Helen Amos Analyst

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

 Industrial Chart Pack – Power Hungry: In our newly published Industrial Chart Pack: Power

Hungry, we highlight that strains on the global industrial economy from the Iran conflict have George Heppel Analyst

been increasingly evident in data, with a third of countries we track seeing slippage in george.heppel@bmo.com +44 (0)20 7664 8106

manufacturing PMIs in May, and global trade growth has shifted sharply lower. Oil importing

Alona Yunda Senior Associate regions have borne the brunt of damage, although should the US-Iran deal to reopen the Strait

of Hormuz hold, data may improve sequentially from here. A broad range of data continues to alona.yunda@bmo.com +44 (0)20 7664 8122

support the case that the U.S. is gradually regaining its industrial might, even if predominantly Walid Hasanzadeh Associate

centred around AI. Regardless of the unevenness of industrial growth, the world's collective walid.hasanzadeh@bmo.com +44 (0)20 7872 1565

hunger for power is not abating any time soon, with the Energy Institute reporting this week

that global electricity demand rose by 3% in 2025, with use in data centres rising by 20%. Note, Legal Entity: BMO Capital Markets Limited

this is the first time the Statistical Review has included a table on power consumption in data

centres, including a regional breakdown. LME Index (LMEX)

6,100

 South32 agrees aluminium asset sale to Alcoa and approves Sierra Gorda expansion: South32 6,000

has agreed to sell its aluminium, alumina and bauxite assets to Alcoa for consideration of up to 5,900

US$4.9bn, excluding Mozal (Alcoa covered by Katja Jancic, BMO Capital Markets Corp.; note here). 5,800

5,700