North America Metals and Mining: Don't dream it's over - 2Q26 Earnings Preview

Research evidence excerpt

North America Metals and Mining: Don't dream it's over - 2Q26 Earnings Preview

Equity Research

15 July 2026

North America Metals and Mining

Don't dream it's over - 2Q26

Earnings Preview

We maintain our positive outlook on commodities and raise North America Metals & Mining

our copper price forecasts for 2027/2028 to $6.50/lb, owing to POSITIVE Unchanged

increased conviction of a tighter for longer copper market. North America Metals & Mining

Richard Garchitorena

Reiterate Positive sector view: Commodity prices have seen increased volatility in 2Q26, +1 212 526 5697

richard.garchitorena@barclays.comdriven by the ongoing back and forth uncertainty on an Iran conflict resolution, as well as

BCI, US

concerns on what a lingering disruption could do to industrial activity and inflation. This

volatility has hit metals and mining equities hard: all of the subgroups are down well off their Liqi Peng

52-week highs, with gold and copper equities the largest underperformers over the past 3 +1 212 526 1964

liqi.peng@barclays.commonths. While the timing of an end to the conflict is impossible to predict, we expect an

eventual resolution to act as a clearing event. As a result, we view near-term selloffs for some

names we cover as opportunities to add exposure to the group. European Metals & Mining

Amos Fletcher, CFA

Raising copper, resetting gold, maintaining steel forecasts to 2027: Heading into 2Q +44 (0)20 7773 2225

earnings season, we mark to market our 2Q estimates to reflect actual prices, but also reset our amos.fletcher@barclays.com

commodity price decks given current market dynamics. Copper - We upgrade our copper price Barclays, UK

forecasts from 3Q26-2028 to reflect higher conviction of a tighter for longer copper market, with Ian Rossouw, CFA