North America Metals and Mining: Sector Scraps and Nuggets - Volatility Reigns

Research evidence excerpt

North America Metals and Mining: Sector Scraps and Nuggets - Volatility Reigns

Equity Research

9 July 2026

North America Metals and Mining

Sector Scraps and Nuggets -

Volatility Reigns

Snapshot of key industry highlights over the past week North America Metals & Mining

POSITIVE

Key Takes: Commodity prices this week have seen increased volatility, given new uncertainty North America Metals & Mining

around the ceasefire with Iran. Over the past month, metals and mining equities continue to Richard Garchitorena

trend off 52-week highs, with steel equities the largest underperformers over the past month +1 212 526 5697

following NUE and STLD mid-quarter updates. With fundamentals still tight across the richard.garchitorena@barclays.com

commodity complex, we continue to view pullbacks as opportunities in 2H26. Looking ahead, BCI, US

copper investors continue to await the Commerce Secretary's update to the President on Liqi Peng

domestic copper market conditions, at which point the President is expected to make a decision +1 212 526 1964

(90 days post receipt of the report) on potential U.S. refined copper import tariffs. liqi.peng@barclays.com

BCI, US

Copper inventories, net speculative positioning continues to climb: As of July 8, total LME

and Comex copper inventories declined slightly by 4% M/M but remained up 195% Y/Y, with LME

inventories declining to 311kt (-18% M/M, +203% Y/Y) and Comex inventories increasing to 674kt

(+4% M/M, +204% Y/Y). The COMEX copper price premium to LME remains relatively modest at

~2.3%, as traders continue to await next steps on a potential U.S. refined copper import tariff

decision following the June 30 deadline for the Commerce Secretary to deliver an update to the

President on domestic copper market conditions.