Group 1 - Copper has recorded its longest winning streak since 2017, rising 2.7% to settle at $12,558.50 a ton, marking the eighth consecutive day of gains driven by supply chain stress [1] - Copper futures have surged by over 40% this year, representing the largest annual increase since 2009, with a weaker US dollar contributing to the price rise [2] - Supply issues have significantly impacted the copper market, with mines in Indonesia, Chile, and the Democratic Republic of the Congo facing accidents, while aluminum production is threatened by higher energy costs and supply limits in China [3] Group 2 - The potential for US import tariffs on copper is a major driver of market sentiment, with warnings of an extreme shortage of copper globally by 2026 [3] - Investor sentiment regarding US copper tariffs is expected to influence copper prices in the coming months, focusing on regional stock levels and material entering the US rather than global fundamentals [4] - Despite rising inventories in the US exchange, the premium for March copper futures on Comex has decreased, indicating a complex market situation influenced by macroeconomic outlook and supply risks [5] Group 3 - Other metals on the exchange, particularly nickel, have also seen price increases, driven by supply cut plans from top producer Indonesia [6]

Core Insights - Toyota Motor Corporation reported an 8.2% increase in global revenues to JPY 12,377.4 billion in Q2 of FY26, but operating income fell by 27% to JPY 839.5 billion, leading to a decrease in operating margin from 10.1% to 6.8% year-over-year [1] - In the first half of FY26, global revenues rose by 5.7% to JPY 24,630.7 billion, with vehicle sales increasing by 5% to 4.783 million units, primarily driven by a 14% increase in North American sales [2] - Operating profits saw a significant decline, with a nearly 19% drop in the first half of FY26, attributed mainly to the impact of US import tariffs, resulting in a first-half operating margin decrease to 7.2% from 8.2% a year earlier [3] Financial Forecasts - Toyota slightly raised its full fiscal year (FY26) global revenue forecast to JPY 49.0 trillion from JPY 48.5 trillion, while maintaining its sales forecast for Toyota and Lexus at 9.8 million units [4] - The full-year operating income forecast was increased to JPY 3.4 trillion from JPY 3.2 trillion, and net income forecast was raised to JPY 2.93 trillion from JPY 2.66 trillion [4] - Consolidated retail sales, including Daihatsu and Hino subsidiaries, are now projected to reach 11.3 million units, up from the previous forecast of 11.2 million [5] Market Dynamics - Despite the challenges posed by US tariffs, strong demand supported by product competitiveness has led to increased sales volumes, particularly in Japan and North America [6] - The company emphasized its focus on improving productivity and increasing returns through comprehensive future investments [6]