European Mining Equipment: Mining equipment dashboard: commodity prices remain highly supportive, but no sign of accelerating capex (yet).

Research evidence excerpt

European Mining Equipment: Mining equipment dashboard: commodity prices remain highly supportive, but no sign of accelerating capex (yet).

Global Research

13 July 2026ab

European Mining Equipment Equities

Europe including UKMining equipment dashboard: commodity prices

remain highly supportive, but no sign of Industrial

accelerating capex (yet). Ed HusseyAnalyst

edward.hussey@ubs.com

+44-20-7568 3946

Dashboard Andre Kukhnin

Analyst

We have updated our latest mining equipment dashboard (please download here). andre.kukhnin@ubs.com

+44-20-7567 2162

Commodity prices are supportive

Gabriel Huber

Gold and copper prices remain at historically elevated levels, with both commodities Associate Analyst

continuing to trade well above their respective cost curves. Copper remains close to gabriel.huber@ubs.com

cycle highs, while gold has eased from its peak of approximately US$5,500/oz to around +44-20-7883 0295

US$4,000/oz. Even at current levels, however, gold remains very elevated relative to the Christopher Leonard

cost curve and continues to strongly incentivise investment in new supply. Pricing has Analyst

also been supportive across the broader mining complex. Zinc, nickel, iron ore and coal chris.leonard@ubs.com

all recorded year-on-year gains, with zinc particularly strong, rising 31% YoY in Q2 +44-20-7568 3958

2026. Taken together, the commodity environment remains highly supportive for mining Hemal Bhundia, CFA

OEMs, a positive signal for capex and aftermarket activity. Analyst

hemal.bhundia@ubs.com

Positioning across the subsector +44-20-7901 6515

Positioning across the subsector appears broadly neutral. The notable exception is Jingyi Zheng

Metso, which screens as relatively short-crowded, with a UBS crowding factor of -9 and Analyst

short interest of just under 30 DTC.