The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
0733 GMT - Antofagasta's second-quarter copper production miss should raise caution, RBC Capital Markets analysts Ben Davis and Marina Calero say. Production missed expectations on temporary maintenance at the Los Pelambres mine, although delayed volumes should be recognized in the second half of the year, the analysts say. While the company maintained its annual production guidance, the analysts highlight higher cost pressures from diesel and other consumables. The analysts also remain wary of uncertainty surrounding copper prices, citing global growth risks and potential U.S. tariff decisions. Despite key growth projects progressing on schedule, the stock's valuation remains demanding relative to the risks, RBC says. Shares trade 2.5% lower at 3,745 pence. (nina.kienle@wsj.com)
0304 GMT - Rio Tinto needs to produce about 173 million metric tons of iron ore from its Pilbara operations in 2H to achieve the midpoint of 2026 guidance. RBC Capital Markets analyst James Redfern thinks that should be "comfortable" for the giant miner. Rio Tinto shipped about 157.7 million tons in 1H, during which exports were disrupted by cyclones. "Importantly, 2026 production guidance remains unchanged while copper C1 cost guidance is reduced," says Redfern. RBC keeps an underperform rating and a target price of A$143 on Rio Tinto's shares, which are up 1.2% at A$165.55. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
0131 GMT - Genesis Minerals' planned merger with Vault Minerals could shake loose assets that the new management doesn't consider vital to the business going forward. The combined company will have a market value of 12.6 billion Australian dollars, making it the third-largest gold producer on the ASX. It will produce some 600,000-700,000 ounces of gold annually. Jarden notes 600,000 oz per year will come from the combined Leonora and Laverton hubs. "We consider it likely that the other assets (Deflector, Sugar Zone, and the combined Bardoc/Mt Monger complex) are non-core and therefore may be potential candidates for divestment," says analyst Ben Lyons.(david.winning@wsj.com; @dwinningWSJ)
0122 GMT - Evolution Mining's signals around its FY27 earnings guidance broadly align with Ord Minnett's expectations. Evolution says it will provide fuller guidance at its annual result in August. Still, the gold miner says it doesn't expect material changes to production, while anticipating that inflation will add some 4-5% to all-in sustaining costs. Evolution also points to an up to A$60 million rise in sustaining expenditure, and A$130 million-A$160 million of higher mine development costs. Ord Minnett anticipates Evolution's all-in sustaining capex will rise by A$200/oz in FY27 compared with the prior 12 months. That would more than offset Ord Minnett's higher copper price forecast, analyst Paul Kaner says. Evolution is down 0.9% at A$11.68 today. (david.winning@wsj.com; @dwinningWSJ)
0115 GMT - Press Metal Aluminium's recent share-price weakness is a buying opportunity as its long-term growth outlook remains intact, RHB IB analyst Iftaar Hakim Rusli says in a note. Aluminum prices are expected to stay above $3,000 a ton in the near to medium term, supported by supply disruptions in the Middle East that are likely to keep the global market in deficit, he says. A stronger dollar could also lift earnings, as more than 90% of the company's products are exported. However, the analyst lowers his 2026-2027 earnings estimates on Press Metal by 3%-5% after revising down aluminum price assumptions and amid higher carbon anode costs. RHB trims Press Metal's target price to 9.80 ringgit from 10.50 ringgit while maintaining a buy rating. Shares are 1.0% lower at 8.11 ringgit. (yingxian.wong@wsj.com)
0019 GMT - Gold is steady in the early Asian trade. Broadly higher yields increase the opportunity-cost of holding non-interest-bearing assets like gold, says Swissquote's Ipek Ozkardeskaya in a note. While the $4,000 an ounce support level for the yellow metal appears to be intact, there is "little conviction that further stress across financial markets will drive significant flows into the precious metal," she says. Some central banks could be forced to sell part of their gold reserves to stabilize their currencies as oil prices start to rise, which prevents gold from acting like a safe-haven asset. Still, any price pullback should be viewed as an opportunity for long-term investors, she adds. Spot gold is flat at $4,051.67 an ounce. (megan.cheah@wsj.com)
(END) Dow Jones Newswires
July 15, 2026 04:20 ET (08:20 GMT)
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