BofA-European Metals Mining Weekly GLEN Copper CMD. GFI CMD. Metals rally on supply...-20251117

GLEN: December 3rd Copper CMD = Important catalyst

We previewed Glencore's upcoming Copper Capital Markets Day (CMD). Copper stocksglobally have rallied strongly on the recent positive move in copper price. Among thediversified miners, GLEN provides significant leverage to the copper price. We believethat coal-driven downgrades are now "finished" and, from here, higher copper pricesshould drive upgrades. Consider: (1) GLEN owns highly desirable "blue-chip" Latamcopper mines; (2) GLEN has c. 1.1 Mtpa of copper growth optionality in Latam; and (3)Copper outlook is bullish with solid demand and pressure on supply. (See GLEN report).