North America Metals & Mining 2H26 Buy-Side Sentiment Survey & Recent Investor Feedback

研报英文原文证据摘录

North America Metals & Mining 2H26 Buy-Side Sentiment Survey & Recent Investor Feedback

Bill Peterson AC North America Equity Research

(1-415) 315-6766 08 June 2026 J P M O R G A N

bill.peterson@jpmchase.com

pushback has been focused on a lack on near-term catalysts that could drive a correction.

Specialty alloys also maintained its last-place ranking amid the best positioned sub-

sectors (9th/9), although we feel this could be a function of a more M&M-focused investor

survey pool. CRS remains one of our top picks on secular demand tailwinds and steep

barriers to entry driving strong pricing power and earnings visibility. Investor inbounds

have been relatively tame as of recent, and during recent management meetings (link)

there has been notably less focus on the risk of fading MRO demand amid elevated fuel

prices.

• Rare earths’ ranking among best positioned sub-sector/commodity eased to 7th/9 (vs.

prior 5th/9), while gold fell to 5th/9 for sub-sector (vs. prior 2nd/9) and 6th/9 for commodity

(vs. prior 3rd/9). Lithium’s ranking improved to 4th/9 for sub-sector (vs. prior 6th/9) and

5th/9 for commodity (vs. prior 6th/9). Uranium’s ranking held steady at 3rd/9 for sub-

sectors and eased to 3rd/9 for commodity (vs. prior 2nd/9). Gold’s de-ranking aligns with

recent investor feedback with the commodity falling out of favor in the near-term given

overhang from energy-driven inflation risk and Fed repricing (link). Conversely, we’re

not surprised to see Lithium move up the ranks given recent price support and improving

interest in battery materials amid the ongoing oil price shock. This aligns with multiple

write-in responses suggesting a potential upswing in clean energy/battery materials may

be underappreciated and ALB (N, covered by Jeff Zekauskas) tying among MP/STLD