JPM | US Energy: Mediators Push For Ceasefire, HEU Moved to Pickaxe, Ship to Ship Transfers Fall, LNG Tank Tops, 3z Buying in Gasoline Futures, Clean Previews & Downgrades, Copper Inventories, HAL First Take, NAM Gold Preivew

Research evidence excerpt

JPM | US Energy: Mediators Push For Ceasefire, HEU Moved to Pickaxe, Ship to Ship Transfers Fall, LNG Tank Tops, 3z Buying in Gasoline Futures, Clean Previews & Downgrades, Copper Inventories, HAL First Take, NAM Gold Preivew

thode premia strong and LME canceled warrants elevated. Copper prices have remained resilient at

around $6-6.2/lb (+8% YTD), with China dip-buying and US tariff front running appearing to be stronger price drivers than

fundamental demand. Price risks going forward seem to hinge on tariff outcomes (certainty vs higher tariffs in the future that

could drive further US inventory build or de-stocking). We are OW on CSC/SFR/BHP/RIO/S32 in Australia and prefer

Freeport (OW) in North America. Within EMEA, we upgraded Antofagasta to OW, owing to its peer-leading copper volume

growth (~30% to 2028E), FCF and ROCE inflection, as well as improving valuation (link). We are UW on Anglo American

and recently placed it on Negative Catalyst Watch for 2Q production results (23 July) as we see the greatest cost-driven risks

due to its unique exposure to high Brazil and South Africa iron ore freight rates and weakness in diamonds (link). For both

Anglo American and Glencore (44%/44% owners of Collahuasi), an update on the suspension of Collahuasi's desalination

plant carries tail risks, as we believe a prolonged suspension could have implications for copper recoveries in H2'26 or 2027.

Utilities & Midstream Research:

Emera Inc. -Thoughts Into 2Q26: Tampa DC & Regulatory Strategy in Focus; Quiet Quarter Expected- Eli Jossen here

• Heading into 2Q earnings, attention remains on: (1) Tampa DC contracting, where management likely characterizes the

~1,300MW developer pipeline as active and advancing, with any large load additions potentially representing upside to the 5–