Copper Mining "2Q26 Quarterly Preview & Estimates" Major

Research evidence excerpt

Copper Mining "2Q26 Quarterly Preview & Estimates" Major

Global Research

14 July 2026ab

Copper Mining Equities

Global2Q26 Quarterly Preview & Estimates

Basic Materials

Daniel Major

Mixed near-term outlook into 2Q - but structurally positive copper equities Analyst

Copper prices softened in June and have settled just over $6/lb, driven more by 'AI risk daniel.major@ubs.com

off', ME uncertainty & US tariff expectations than a material change in physical signals. +44-20-7568 3472

We remain structurally positive on the fundamental outlook for copper and believe this Myles Allsop

will support structurally elevated prices in the coming years. However, near-term in our Analyst

view copper remains vulnerable to risk aversion associated with re-escalation in ME and/ myles.allsop@ubs.com

or further AI trade unwind, and on balance in our view US imports are likely to moderate +44-20-7568 1693

if/when S232 tariffs are imposed, improving availability of copper to other demand George Eadie

centres (China/Europe/SE Asia), and this is also a modest headwind for copper prices. Analyst

george.eadie@ubs.com

+1-646-996 4596

Copper equities have been re-rating for a number of years; in our view, this is sustainable

and will continue. We ultimately see recent weakness as a buying opportunity (COPEX Amy Yi Li

down ~15% 1 month), and prefer stocks rich with catalysts that are trading at Analyst

amy-yi.li@ubs.com

discounted valuations (and so are compelling without material upside to copper prices).

+44-20-7568 2064

Preferred copper stocks (6-12m view not specifically numbers): Freeport, First

Quantum, Anglo, Teck & Hudbay. Alex Stansbury, CFA

Analyst

alex.stansbury@ubs.com

2Q26: Focus on idiosyncratic drivers or growth/recovery in 2H26/2027

+1-212-882 0097