0558 GMT - Rio Tinto might be looking to build out its organic copper-growth pipeline, similar to how peer BHP did with its Vicuna deal, UBS says in a note. Rio was reported to be considering a bigger stake in the Los Azules copper project in Argentina, according to a Reuters article in May. UBS reckons the giant miner could be looking to complement its organic growth plans in lithium, aluminum and iron ore, as it ramps up recent copper projects such as the Oyu Tolgoi mine expansion. Rio currently lacks meaningful copper growth options in the 2030-2035 period, with projects like Resolution longer dated, UBS says. It notes that Rio had looked to address the gap in its copper pipeline with the failed deal talks with Glencore. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
0541 GMT - WiseTech Global reports increased CargoWise volumes with customer DSV, but RBC Capital Markets questions their durability. "In a rare break from WiseTech's typically reserved disclosure of contract details, the release of DSV's incremental commitment on CargoWise and term length puts pressure on the bear thesis of an imminent revenue cliff from DSV," RBC says. However, the 20% growth in volumes WiseTech reports for the past six months may not necessarily signal a sustained commitment on CargoWise, says the broker. "Nor does it mean DSV are giving up their ambitions to roll out onto Tango under their 'Count to One' tech consolidation strategy," it says. RBC has an outperform rating and a A$70.00 target on WiseTech. The stock is down 2.7% at A$33.71. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
0524 GMT - The Australian dollar briefly hit US$0.6970 in Asia supported by better risk sentiment and a softer U.S. dollar, says Samara Hammoud, FX strategist at CBA. The U.S. dollar hasn't reacted materially to the escalation in the Middle East this week with the costs of returning to war remaining high and acting as an incentive for the U.S. and Iran to stick to the ceasefire, she adds. Looking ahead, less favorable interest rate differentials, softer commodity prices and higher U.S. equity returns relative to Australian equities will be more significant drivers of the Australian dollar, Hammoud adds. (james.glynn@wsj.com; X @JamesGlynnWSJ)
2345 GMT - Investors will be focused on cost commentary and the performance of the iron-ore business when Rio Tinto reports its 2Q operational result next week, Macquarie says. Rio's Australian iron-ore operations are recovering from the impact of tropical cyclones earlier in the year. There will also be a focus on how the Oyu Tolgoi copper-mine ramp up is going, Macquarie says. The bank expects 2Q Pilbara iron-ore shipments of roughly 84.1 million metric tons and copper output around 218,100 tons, both in line with consensus estimates. "We expect a pretty in-line result at the quarterly, which is a positive after a weather impact in 1QCY26," it says. Macquarie has a neutral rating and A$180/share target on Rio. Shares ended Thursday at A$158.52.(rhiannon.hoyle@wsj.com; @RhiannonHoyle)
2304 GMT - Australian stocks look set to edge higher in early trade after the S&P 500 closed near a record high. Local stock futures are up by 0.1% before the bell, suggesting that the S&P/ASX 200 could snap this week's four-day losing streak. Ahead of the open, Elevra Lithium reported a 15% rise in spodumene concentrate output quarter-over-quarter but noted that realized prices lagged spot-market prices, as previously flagged. Sandfire Resources said a study for the Black Butte Copper Project in Montana has been updated and that it continues to assess the project's strategic fit within its portfolio. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
July 10, 2026 02:04 ET (06:04 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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