South32 Ltd

S32: XLON (GBR)

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Base Metals and Iron Ore Miners: Mineral Resources Cheap as We Update Our Assumed Commodity Prices

Jon Mills

Oct 9, 2026

Copper trades near historical highs at about USD 6.50 per pound, up 10% since our July 2026 update, given mine supply disruptions and tariff-related trade distortions. Zinc and aluminum prices are also stronger, though near-term iron ore futures are little changed.

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South32 Ltd

Base Metals and Iron Ore Miners: Mineral Resources Cheap as We Update Our Assumed Commodity Prices

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