Daily Commodities Note: Oil recovers sharply, Fed leaves rates unch.

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Daily Commodities Note: Oil recovers sharply, Fed leaves rates unch.

n & Marketing performance. 2026 production

guidance is largely unchanged with the increase h/h in 2H looking achievable for the key

divisions (albeit Met Coal is particularly challenging). We lift 2026E earnings by ~10%

on stronger Marketing (partly offset by higher Industrial costs), while 2027/28 is

unchanged. Link to note. Source: UBS.

Mineral Resources - Strong FY26 exit rate reinforces Buy thesis. MIN’s Jun-Q was

strong, closing FY26 with volume and cost guidance achieved or exceeded across all

major business segments. Mining Services volumes, Onslow shipments, and lithium sales

all exceeded guidance, while Onslow FOB costs outperformed guidance and the balance

sheet continued to improve, with net debt falling to ~A$4.3bn and liquidity increasing

to A$2.4bn. The result supports earnings and cash flow upgrades where market

expectations were set closer to guidance mid-points. We remain Buy-rated on MIN

given: i) longer-dated growth optionality across Onslow, Wodgina, Mt Marion & Bald

Hill, ii) supportive long-term lithium fundamentals, and iii) improving balance sheet

flexibility allowing returns and growth to move back into investor focus. Following

incorporation of the latest disclosures, FY26 EPS is upgraded +16%, with longer-dated

earnings seen +1-2%. As a result, we increase our price target to A$81/sh (vs A$79/sh

prior). Retain Buy. Link to note. Source: UBS.

Hudbay Minerals Inc - 2Q26: Setting up for growth. Hudbay's 2Q26 results were

broadly in line with expectations following consensus downgrades over prior weeks. The

company delivered $321m of adjusted EBITDA and $102m of free cash flow, improving

its balance sheet to a $81m net cash position with $891m of cash after repaying more