Copper prices on the LME have fallen to about $13,779 per tonne ($6.25/lb), their lowest since July, with TD Securities’ Bart Melek warning of a further ~$500/t downside as Democratic gains in the US midterms weaken expectations for aggressive copper tariffs and large AI data centre build‑out. TD estimates US copper inventories at roughly 1.6 million tonnes, with Comex stocks up about 62% this year and now holding ~70% of global exchange copper, reducing incentives for further US stockpiling. BMI expects mine constraints at Grasberg and Kamoa‑Kakula and strong Chinese demand—evidenced by a record Yangshan premium above $200/t—to partially cushion any correction, guiding average prices of $13,500/t in 2026 and $12,900/t in 2027.

Canadian Uranium (CSE: CANU) is advancing its 18,941-hectare Rook II property in northern Saskatchewan, where an NI 43-101 technical report documents 28 uranium occurrences and historical estimates of up to 45 million lb U₃O₈ that it plans to test with modern exploration. The company is compiling legacy data into an ArcGIS model, planning ground geophysics and a recommended 6,000-metre drill programme including twinned holes and deeper tests to 300–400 metres, compared with historical drilling to ~100 metres. Adviser Arni Johannson says the “cap table is built for M&A”, with negotiations underway involving a public company, additional properties and JV options to expand its Athabasca portfolio.

MP Materials posted an adjusted profit of US$8.8 million (US$0.04 per share) for Q3, beating expectations of a loss as neodymium-praseodymium sales volumes rose 94% to 1,020 tonnes and production hit a record 1,018 tonnes at the Mountain Pass operation in California. Revenue nearly tripled to US$147.7 million, including a one-off US$31.6 million mixed rare earth sale to a US aerospace and defence customer and US$8.1 million from a Pentagon price-protection deal that floors NdPr at US$110/kg. Magnet qualification with General Motors enables initial Fort Worth Independence plant magnet shipments this quarter, while the larger 10X plant at Northlake, Texas, is slated to start commissioning in late 2028.