J P M O R G A N North America Equity Research 20 January 2026 North America Metals & Mining 2026 Buy-Side Sentiment Survey & Recent Investor Feedback We conducted the 1H installment of our bi-annual survey over the course of three weeks to gauge investor expectations on the 2026 outlook. We gathered responses from 25 investors, split 72%/28% between Long Onlys (LOs) and Hedge Funds (HFs). Relative to our 2H25 survey conducted in Jun'25 (link), we highlight several key takeaways: (1) Copper remains investors ...