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• Earnings Due July 23: Newmont is set to report Q2 2026 earnings on July 23, a key catalyst investors are watching closely given the strong gold price environment.
• Gold and Copper Production Both Rise: Barrick reported Q1 2026 gold production up 4% and copper production up 11% year-over-year, reflecting broad operational strength.
• From Loss to $211 Million Profit: First Majestic swung to a full-year profit of $211 million in its most recent fiscal year, a dramatic reversal from a $101.9 million loss in 2024.
• September Rate Hike Odds Collapse: Fed funds futures now show less than a 50% chance of a September rate hike, down from 67% before a weaker-than-expected June jobs report.
• Momentum Outpaces Analyst Ratings: Southern Copper is trading higher on strong momentum even as Wall Street analysts maintain a broadly cautious consensus Reduce rating.
• Wall Street Highlights Copper Miners: UBS and RBC Capital Markets have both highlighted copper miners as attractive, citing structural demand tailwinds from AI infrastructure and electrification.
• Meta Platforms (NASDAQ: META) is reportedly developing a commercial AI cloud business called "Meta Compute."
• Weak June Jobs Report Reduces Rate Hike Bets: The US economy added just 57,000 jobs in June, far below the 110,000 forecast, prompting markets to sharply reduce bets on further Fed rate hikes.
• Copper Outperforms Gold Year-to-Date: Southern Copper is rising alongside a broader copper sector rally, with copper futures outperforming gold year-to-date on structural demand from AI data centers and electrification.
• Rotation From Gold to Copper Equities: Ero Copper shares are advancing as investors rotate from gold, which posted its steepest quarterly decline since 2013, toward base metals with stronger structural tailwinds.
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