Live Markets: JPMorgan turns negative on metals and mining

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09/03/2026 12:27

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JPMORGAN TURNS NEGATIVE ON METALS AND MINING

History could be repeating itself for European metals and mining equities, analysts at JPMorgan said in a note Monday.

They tumbled around 40% in 2022 as global growth and monetary policy were impacted by the energy price shock linked to the Russia-Ukraine conflict, they explained.

Now, energy prices have again soared due to the Iran war, with oil prices jumping well above the $100 mark. The price spike has caused fears about higher inflation, which in turn have flipped central bank interest rate expectations on their head.

“Events in the Middle East introduce similar risks that are not adequately discounted into: 1) industrial metals prices that are mostly unchanged since the start of the conflict, but are high beta expressions of global growth; and 2) European Mining and Steel equities where we forecast another >10% downside risk, despite the sector being MSCI Europe’s weakest last week (-9% ),” the JPMorgan analysts said.

“We reverse our previously positive view on EMEA Mining & Steel and turn negative, as we introduce a downside scenario for copper ($9,500/t in 2026/27) and iron ore ($90/t) as our new base case.”

(Sophie Kiderlin)

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