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.

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.

A contract team member has died while carrying out work at Regis Resources’ Duketon South gold operation in Western Australia’s North Eastern Goldfields, prompting an immediate suspension of site operations. Western Australia Police and WorkSafe have commenced a formal investigation, with Regis stating it is providing full assistance to regulators. The company has activated employee assistance programmes and is offering support to workers and contractors affected by the incident.