JPM | Upgrading Solar Glass, Russia extends refining export ban, Copper is tight, Gold downward revision, first takes on SKI, CSC, FMG, VEDL, TATA, CMM, CYL, Oil Weekly

Research evidence excerpt

JPM | Upgrading Solar Glass, Russia extends refining export ban, Copper is tight, Gold downward revision, first takes on SKI, CSC, FMG, VEDL, TATA, CMM, CYL, Oil Weekly

Specialist Sales

APAC Specialist Sales J P M O R G A N

31 July 2026

JPM | Upgrading Solar Glass, Russia extends refining export ban,

Copper is tight, Gold downward revision, first takes on SKI, CSC,

FMG, VEDL, TATA, CMM, CYL, Oil Weekly

Anmol Mehta

+852 2800 8896

anmol.mehta@jpmorgan.com

Good morning, quiet in geopolitics overnight but few things on in macro land.

Kicking off with products & Refining: Russia overnight announced an extension of its diesel & gasoline export bans. Gasoline is

banned till Jan 31st, and Diesel ban extended to September 1st. This is at the back of more Ukranian strikes in the last couple of

days with them now striking Lukoil’s 13MT/260kbd Perm refinery. This should keep product markets tight for atleast another

month & I think people’s 2H GRM assumptions of $15/bbl (spot at $52/bbl) is likely too conservative.SK-Inno reported a 250%

beat to Q2 OP yesterday(KRW 3.5trn vs Bbg Cons 1trn) but excluding one -offs delivered a 50% beat to consensus. This was

riven by batteries finally being profitable (big beat a one -off but structurally improving), & lubricants being very strong (middle

east outages). Refining whilst strong halved q/q due to national service, but the refiner should get compensated KRW1.4trn in Q4.

Stock went +5% on numbers and down to +1% post call as people focused on one-off impairments. Parsley’s first take here.

In Gold, The World Gold Council made a notable revision to gold Central Bank Demand Trends yesterday: the headline number

everyone focused on was 1Q26 central bank demand, was revised down from 244 tonnes to 57 tonnes, with the 187 tons