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

July 8, 2026 Harrison Reynolds (Analyst)

(647) 504-7192,

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

(416) 842-8044,RESEARCH Copper is still in the waiting room ali.mecklai@rbccm.com

Our view: Copper's two most anticipated near-term catalysts, the US DoC's Section 232 tariff decision Saad Khan (Associate) (416) 842-8395,

and Panamanian President Mulino's comments on Cobre Panama, came and went without resolution, saad.khan@rbccm.com

leaving prices range-bound just above $6.00/lb with COMEX inventories elevated at 607kt. Iran war RBC Europe Limited

risks have flared up again sending the stocks lower as a risk off tone dominates. On that theme, Chilean Ben Davis (Analyst)

sulphuric acid prices remain elevated at $485/t (up from $175/t at end-2025), a dynamic that could +44 20 7002 2065,

ben.davis@rbccm.com prompt oxide producers to scale back, although recent comments from the DRC mines ministry suggest Marina Calero (Analyst)

there hasn't yet been a noticeable impact on production. Copper equity valuations now sit below +44 20 7429 8785,EQUITY

historical averages given strong spot pricing (see pages 6-7). On the corporate news side, KGHM outlined marina.calero@rbccm.com

ambitious $8B growth plans to scout targets outside of Europe and build a new mine in Poland. Spot Laura Chan (Analyst) +44 20 7029 7537,

TC/RC charges hit a new all-time low at -$130/t while the Chinese import premia jumped to $80/t, the laura.chan@rbccm.com

highest since June 2025, reinforcing the thematic of Chinese concentrate market tightness.