EMEA Metals & Mining: Weekly wrap: Q2 cost performance mixed so far, storms impacting Chilean copper mines, trade & tariff policy in focus for copper

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EMEA Metals & Mining: Weekly wrap: Q2 cost performance mixed so far, storms impacting Chilean copper mines, trade & tariff policy in focus for copper

J P M O R G A N Europe Equity Research

24 July 2026

EMEA Metals & Mining

Weekly wrap: Q2 cost performance mixed so far, storms

impacting Chilean copper mines, trade & tariff policy in

focus for copper

We provide updated valuation and commodity price scenario analysis across our European Metals, Mining & Steel

ACEMEA Mining & Steel coverage (link). Dominic O'Kane

(44-20) 7742-6729

The MSCI Europe M&M Index is +2% WoW (for week ended 24th July) vs MSCI dominic.j.okane@jpmorgan.com

Europe -1% while commodities were broadly flat. On China, JPM Economists note J.P. Morgan Securities plc

that following the disappointing Q2 GDP print of 4.3% YoY, attention has shifted Patrick Jones

to the H2 growth outlook and prospects for additional policy support, with the July (44-20) 7742-5964

patrick.jones@jpmorgan.com

Politburo meeting the key mid-year event (link). Nevertheless, our colleagues J.P. Morgan Securities plc

expect the odds of a major fiscal shift remain low with H1’26 GDP 4.7% YoY

Anna Antonova, CFA

within the government’s 4.5-5.0% annual target range. Thus, they expect (971) 4428-1766

policymakers are more likely to accelerate existing measures than expand the fiscal anna.antonova@jpmorgan.com

envelope. JPM Commodities Research note the pivotal driver for copper over J.P. Morgan Securities plc

H2’26 looks set to be trade policy rather than the underlying demand picture, Varun Bhattad

hinging on the outcome and messaging of the US Section 232 tariff review (link). (91-22) 6157-5027

They note China continues buying with inventories below their five-year range, varun.bhattad@jpmchase.com

J.P. Morgan India Private Limited