Summary of Conference Call Notes Industry Overview - The conference call focuses on the **Metals & Mining** industry, particularly the **copper** sector in North America - A **weakening dollar** and **supply disruptions** at major copper producers are leading to **elevated metal prices** [1][2] Key Company Insights Southern Copper Corporation (SCCO) - SCCO is upgraded to **Equal-Weight (EW)** from **Underweight (UW)** due to supply disruptions limiting investment avenues [2][37] - Price target updated to **$132/share**, reflecting a premium multiple of **1.75x** standard deviations above the 5-year average [2][37] - Expected **2026 copper price** forecast is **$4.83/lb**, up from a year-to-date average of **$4.34/lb** [2][38] - Anticipated **dividend upside** due to controlling shareholder's cash needs for potential M&A, with a forecasted **dividend yield** of **3%** [50][52] - **EBITDA** estimates for 2026 are revised to **$8.038 billion**, up from **$6.547 billion** [54] Peñoles (PEOLES) - Peñoles is also upgraded to **Equal-Weight (EW)** as it is trading at a discount to its **Sum-of-the-Parts (SoP)** valuation [3][60] - Current stock performance is strong, with a **232% increase** year-to-date in USD [3] - Price target set at **M$770**, reflecting a **4.1x EV/EBITDA** multiple for 2026, below its 5-year average of **4.9x** [60][68] Freeport-McMoRan (FCX) - FCX maintains an **Overweight (OW)** rating with a price target of **$46** [71] - The stock is expected to benefit from **increased copper rod pricing** in North America and a positive outlook for gold as operations at Grasberg restart [71][72] Market Dynamics - **Copper supply disruptions** from major players like Ivanhoe, Codelco, and Freeport are tightening the market into **2026** [2][38] - The **copper market** is projected to face a significant deficit, with supply disruptions accounting for **4.7%** of total supply year-to-date [39][42] - The **commodities team** is bullish on copper, predicting macro and micro support leading to a **large deficit** in 2026 [5][25] Risks and Considerations - Potential risks include a **deceleration in global growth** due to US tariffs, which could negatively impact commodity prices [13] - The degree of China's participation in the market recovery post-Golden Week remains uncertain [13] Financial Estimates and Valuations - Updated estimates reflect new commodity price forecasts and FX assumptions across mining coverage [4][54] - **SCCO** is trading at **24.0x P/E** for 2026, above its 5-year average of **19.9x** [55] - **Peñoles** is trading at **10.3x P/E** for 2026, below its 5-year average of **15.0x** [66] Conclusion - The conference call highlights a positive outlook for copper prices driven by supply disruptions and a weakening dollar, with specific upgrades for Southern Copper and Peñoles reflecting their current market positions and future potential.

Russia’s oil producers may have to reduce output as intensified Ukrainian drone attacks have damaged critical export and port infrastructure. Beijing Tightens the Tap on Oil Products with Third 2025 Export Quota - Keeping the markets on their toes for longer than anticipated, the Chinese government has at last announced the remaining tranche of clean oil product exports quotas for 2025, to the disappointment of many.     - The third export quota batch was announced at 8.395 million tonnes, notably lowe ...

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and trading activities [1]. Group 1 - The website provides general news, personal analysis, and third-party content intended for educational and research purposes [1]. - It explicitly states that the information does not constitute any recommendation or advice for investment actions [1]. - Users are advised to perform their own research and consider their financial situation before making decisions [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - It encourages users to understand how these instruments work and the associated risks before investing [1].