{"id":138900,"title":"SP Angel – Today’s Market View, Tuesday 28th July 2026","publisher":"Share Talk","author":"sharetalk","published":"2026-07-28T08:37:57+00:00","modified":"2026-07-28T08:37:57+00:00","canonical_url":"https://www.share-talk.com/sp-angel-todays-market-view-tuesday-28th-july-2026/","markdown_url":"https://www.share-talk.com/sp-angel-todays-market-view-tuesday-28th-july-2026.md","json_url":"https://www.share-talk.com/sp-angel-todays-market-view-tuesday-28th-july-2026.json","category":"SP Angel","categories":["SP Angel","Technology","Technology, Media & Telecoms"],"tags":["base metals","battery","china","company news","COPPER","currencies","Dow Jones Industrials","ENERGY","FRANCE","GERMANY","Gold","gold prices","HK Hang Seng","Nikkei 225","Rio Tinto","Russia","Shanghai Composite","silver","SP Angel","Ukraine"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/06/1753282805972-1.webp?fit=750%2C406&quality=80&ssl=1","format":"news","language":"en-GB","content":"**Copper holds near four-week high as stocks fall and Chile storms disrupt supply**\n\n**MiFID II exempt information – see disclaimer below**\n\n**Andrada Mining (ATM LN) – Lithium Ridge grab sampling results**\n\n**Premier African Minerals (PREM LN) – Timetable for resumption of plant operations at the Zulu lithium project, Zimbabwe**\n\n**Power Metal Resources (POW LN) – First hole completed at Molopo Farms, suspected nickel intersected**\n\n**Copper ($13,676/t) holds near four-week high as stocks fall and Chile storms disrupt supply**\n\n- Copper is holding near $13,700/t after after the US paused its air strikes on Iran on Friday.\n\n- LME copper stocks have fallen 30% since May to 272,975t, with metal still moving to the US ahead of a possible tariff.\n\n- Chile’s storms are raising doubts over production targets, with the country mining 23% of world supply\n\n**Copper supply gap narrows – smelting capacity is the weak link as smelters shut down on zero fees**\n\n- The International Energy Agency now sees copper supply falling 25% short of demand by 2035, better than last year’s 30%.\n\n- The improvement comes from expanding existing mines, not new discoveries.\n\n- Smelters now earn zero fees to process it.\n\n- Plants outside China run below 70% of capacity, and Zambia suspended its copper export tax in June because its own smelters were down.\n\n**Gold ($4,049/oz) – Middle East pause eases inflation risk, Fed decision due this week**\n\n- The US and Iran held off attacks for a third straight night, with Oman hosting talks on Hormuz shipping.\n\n- Brent fell to $86.3/bbl from $90.3/bbl, easing the inflation pressure behind rate hike expectations.\n\n**Nickel – Vale Indonesia’s $2bn battery nickel plant enters key construction phase**\n\n- Vale Indonesia (INCO IJ) has installed the autoclaves, the giant pressure vessels at its Sambalagi plant in Morowali.\n\n- The $2bn plant will use acid under high pressure (HPAL) to turn nickel ore into battery material.\n\n- The first of three production lines is due to finish construction by the end of 2026.\n\n- Analyst said Vale is now the most aggressive HPAL builder, with rivals holding back over *‘frequently changing regulations’*.\n\n**Scottish data centre boom set to demand one and a half times the country’s peak electricity use**\n\n- Around 24 hyperscale data centre developments (over 100MW) are planned across Scotland’s central belt, drawn by the country’s cool climate and abundant renewable energy for AI-driven demand.\n\n- Campaigners estimate the combined developments would require one and a half times the nation’s peak electricity demand of just over 4GW.\n\n- UK state-owned National Energy System Operator (NESO) said roughly 60GW of data centre demand is currently in the pipeline to connect to Britain’s high-voltage transmission network, about 30 times the connected capacity of existing sites, though it cautioned much of this figure may be speculative.\n\n- Individual proposals illustrate the scale: Apatura’s Wester Hermiston facility near Edinburgh would run at 200MW across 30 hectares, its Larbert site at 300MW, and developer ILI’s proposed Auchtertool site at 600MW, equivalent to about a fifth of Scotland’s total annual electricity use.\n\n- Scotland produced twice as much electricity as it consumed in 2024, with 39% of wind power curtailed last year, a surplus developers argue makes the country well suited to absorb new data centre load.\n\n- Residents across the central belt are campaigning against the developments, arguing they will squeeze local electricity and water access with little job creation to show for it.\n\n|   |   |   |   |   |\n| --- | --- | --- | --- | --- |\n| **Dow Jones Industrials** |  | **+0.51%** | **at** | **52,210** |\n| **Nikkei 225** |  | **-3.95%** | **at** | **62,365** |\n| **HK Hang Seng** |  | **-0.02%** | **at** | **25,201** |\n| **Shanghai Composite** |  | **-1.50%** | **at** | **3,801** |\n| **US 10 Year Yield (bp change)** |  | **-3.4** | **at** | **4.61** |\n\n**Currencies**\n\n**US$1.1368/eur vs 1.1408/eur previous. Yen 163.71/$ vs 163.38/$. SAr 16.773/$ vs 16.678/$. $1.330/gbp vs $1.335/gbp. 0.697/aud vs 0.701/aud. CNY 6.768/$ vs 6.767/$.**\n\n**Dollar Index 101.52 vs 101.19 previous.**\n\n**Economics**\n\n**South Korean Kospi Index is down more than 30% from its peak on a sell off in chip stocks.**\n\n- Investors concerns are over circular funding and rising competition from China threatening margins.\n\n- Reports over Chinese state backed company starting mass production of immersion deep ultraviolet lithography machines was another cause of concern.\n\n- SK Hynix and Samsung electronics both were down 13%.\n\n- The index is down >10% on Tuesday alone.\n\n**Microsoft, Meta, Apple and Amazon are reporting this week with markets to track capex outlook closely.**\n\n**A number of central bank announcement due this week including:**\n\n- US Fed (est. no change; Wednesday)\n\n- BOE (est. no change; Thursday)\n\n- BOJ (est. no change; Friday)\n\n**Precious**** ****metals****:**\n\n**Gold US$4,049/oz vs US$4,103/oz previous**\n\n**Gold ETFs 96.7moz vs 96.7moz previous**\n\n**Platinum US$1,611/oz vs US$1,642/oz previous**\n\n**Palladium US$1,277/oz vs US$1,287/oz previous**\n\n**Silver US$57.4/oz vs US$59.7/oz previous**\n\n**Silver ETFs 787.7moz vs 788.5moz previous**\n\n**Rhodium US$8,250/oz vs US$8,250/oz previous**\n\n**Base**** metals:**\n\n**Copper US$13,676/t vs US$13,708/t previous**\n\n**Aluminium US$3,154/t vs US$3,163/t previous**\n\n**Nickel US$17,085/t vs US$17,390/t previous**\n\n**Zinc US$3,597/t vs US$3,622/t previous**\n\n**Lead US$1,889/t vs US$1,894/t previous**\n\n**Tin US$53,495/t vs US$54,430/t previous**\n\n**Energy****:**\n\n**Oil US$86.3/bbl vs US$90.3/bbl previous**\n\n- Crude oil prices fell further after President Trump said the US was engaged in talks with Iran aimed at ending the Middle East conflict as Omani negotiators sought an agreement to reopen the Strait of Hormuz.\n\n**Natural Gas €56.1/MWh vs €58.5/MWh previous**\n\n**Uranium Futures $86.3/lb vs $86.2/lb previous**\n\n**Bulk****:**\n\n**Iron Ore 62% Fe Spot (Singapore) US$97.8/t vs US$97.6/t**\n\n**Chinese steel rebar 25mm US$467.7/t vs US$467.9/t**\n\n**HCC FOB Australia US$228.0/t vs US$229.0/t**\n\n**Thermal coal swap Australia FOB US$131.5/t vs US$135.3/t**\n\n**Other****:**\n\n**Cobalt LME 3m US$56,290/t vs US$56,290/t**\n\n**NdPr Rare Earth Oxide (China) US$113,029/t vs US$111,945/t**\n\n**Lithium Carbonate 99% (China) US$20,168/t vs US$20,172/t**\n\n**China Spodumene Li2O 6%min CIF US$2,185/t vs US$2,185/t**\n\n**Ferro-Manganese European Mn78% min US$1,035/t vs US$1,035/t**\n\n**Tungsten APT (China) 88.5% FOB US$1,745/mtu vs US$1,745/mtu**\n\n**Tungsten APT (Europe) 88.5% Rotterdam US$3,025/mtu vs US$3,025/mtu**\n\n**China Tantalum Concentrate 30% CIF US$225/lb vs US$225/mtu**\n\n**China Graphite Flake -194 FOB US$390/t vs US$390/t**\n\n**Europe Vanadium Pentoxide 98% US$5.4/lb vs US$5.4/lb**\n\n**Europe Ferro-Vanadium 80% US$26.8/kg vs US$26.8/kg**\n\n**China Ilmenite Concentrate TiO2 US$208/t vs US$208/t**\n\n**US Titanium Dioxide TiO2 >98% US$2,789/t vs US$2,789/t**\n\n**China Rutile Concentrate 95% TiO2 US$1,160/t vs US$1,160/t**\n\n**Brazil Potash CFR Granular Spot US$395.0/t vs US$395.0/t**\n\n**Germanium China 99.99% US$4,095.0/kg vs US$4,095.0/kg**\n\n**China Gallium 99.99% US$430.0/kg vs US$430.0/kg**\n\n**Europe Molybdenum Oxide 57% US$32.0/lb vs US$32.0/lb**\n\n**Company news****:**\n\n|   |   |   |   |   |   |\n| --- | --- | --- | --- | --- | --- |\n|  | **Overnight Change** | **Weekly Change** |  | **Overnight Change** | **Weekly Change** |\n| **BHP** | -1.2% | 1.9% | **Freeport-McMoRan** | 0.2% | 6.7% |\n| **Rio Tinto** | -2.5% | 1.0% | **Vale** | -0.1% | 4.8% |\n| **Glencore** | -3.4% | 1.4% | **Newmont Mining** | 0.3% | 4.8% |\n| **Anglo American** | -2.1% | 8.2% | **Fortescue** | -0.5% | 1.0% |\n| **Antofagasta** | -2.2% | 2.5% | **Teck Resources** | -0.8% | 10.0% |\n\n**Andrada Mining (ATM LN) 4.05p, Mkt Cap £90m – Lithium Ridge grab sampling results**\n\n- Andrada Mining reports that grab sampling at the Lithium Ridge JV with SQM in Namibia has extended the known strike length of lithium mineralisation by 3km to a total of km.\n\n- The programme has identified additional mineralised pegmatite targets *“beyond the primary mineralised trend* … [and the grab samples] … *consistently returned high-grade tin (Sn) and tantalum (Ta) with grades up to 7.38 % Sn and 3 192 ppm Ta”*.\n\n- CEO, Anthony Viljoen, welcomed completion of the grab sampling programme as *“another important milestone in our evaluation of Lithium Ridge *… [and said that they] … *complement the encouraging diamond drilling results reported to date, which have demonstrated lithium mineralisation from surface to borehole depth and have strengthened our understanding of the scale and continuity of the broader pegmatite system**”.*\n\n- Assaying of samples from the 16,500m drilling programme, which was completed in May, is still underway and  the results *“will be integrated with the results of the* … [grab sampling] … *Programme to inform the mineral system model for the Project**”*.\n\n**Premier African Minerals (PREM LN) 0.02p, Mkt Cap £8.8m – Timetable for resumption of plant operations at the Zulu lithium project, Zimbabwe**\n\n- Premier African Minerals reports that the planned resumption of plant operations at its Zulu lithium project in Zimbabwe, which had been planned during July will now *“only occur once the ongoing and constructive discussions with Canmax Technologies … regarding the requested Long Stop Date extension have concluded and the agreed terms have been formally announced”.*\n\n- Canamax is a major shareholder of the company and holds offtake agreements for production from the Zulu project.\n\n- *“Subject to agreement being reached, Premier intends to commence the planned continuous operating campaign as soon as possible, with a revised operating timetable to be confirmed thereafter to shareholders”.*\n\n- The company also confirms that mining and stockpiling of ore is continuing ahead of the resumption of processing so that it will have *“an adequate ore inventory on the ROM pad before recommencing the plant* … [to make the] … *most efficient use of available resources and … maximise the value of the next sustained optimisation campaign**”*.\n\n- *“A revised timetable for the next production and optimisation run will be announced once discussions with Canmax have been formally concluded**”.*\n\n**Power Metal Resources (POW LN) 12.63p, Mkt Cap £14.1m – First hole completed at Molopo Farms, suspected nickel intersected**\n\n- Explorer Power Metal has completed the first hole of its drilling programme at Molopo Farms in Botswana.\n\n- Hole 1-9 reached 382m and cut suspected nickel minerals through a 26m band from 243m depth.\n\n- The nickel was spotted visually and lab assays are now underway to confirm it.\n\n- The hole is the first of a 1,600m programme testing five targets, with drilling continuing.\n\n- CEO Sean Wade called it *‘an encouraging early indication’* the Company is testing the right ground.\n\n**SP Angel – No.1 for Precious Metals: ****LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026**\n\n**No.1 for Precious Metals: ****Q1 2026**\n\n**No.1 for Precious Metals: ****CY 2025**\n\n**No.1 in Precious Metals: ****Q1 2025**\n\n**No.1 in Precious Metals: ****CY 2024**\n\n**No.2 in Base Metals: ****CY 2024**\n\n**Analysts**\n\n**John Meyer –**[John.Meyer@spangel.co.uk](mailto:John.Meyer@spangel.co.uk)** – 0203 470 0490**\n\n**Simon Beardsmore – **[Simon.Beardsmore@spangel.co.uk](mailto:Simon.Beardsmore@spangel.co.uk)** – 0203 470 0484**\n\n**Sergey Raevskiy –**[Sergey.Raevskiy@spangel.co.uk](mailto:Sergey.Raevskiy@spangel.co.uk)** – 0203 470 0474**\n\n**Sales**\n\n**Richard Parlons –**[Richard.Parlons@spangel.co.uk](mailto:Richard.Parlons@spangel.co.uk)** – 0203 470 0472**\n\n**Abigail Wayne –**[Abigail.Wayne@spangel.co.uk](mailto:Abigail.Wayne@spangel.co.uk)** ****– 0203 470 0534**\n\n**Rob Rees –**[Rob.Rees@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk)[ ](mailto:Rob.Rees@spangel.co.uk)**– 0203 470 0535**\n\n**Grant Barker ****– ****Grant.Barker**[@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk%20-)[ ](mailto:Rob.Rees@spangel.co.uk%20-)**– 0203 470 0471**\n\nPrince Frederick House\n\n35-39 Maddox Street\n\nLondon, W1S 2PP\n\n*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide *(joint brokerships excluded)*\n\n**+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.**\n\n|   |   |\n| --- | --- |\n| Sources of commodity prices |   |\n| Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) |\n| Gold ETFs, Steel | Bloomberg |\n| Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME |\n| Oil Brent | ICE |\n| Natural Gas, Uranium, Iron Ore | NYMEX |\n| Thermal Coal | Bloomberg OTC Composite |\n| Coking Coal | SSY |\n| RRE | Steelhome |\n\n-\n\n|   |   |\n| --- | --- |\n| Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal |\n|  |  |\n\n**DISCLAIMER**\n\nThis note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.\n\nThis note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.\n\nThis note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.\n\nThis note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.\n\nDistribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.\n\nWhere the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.\n\nSPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).\n\nSPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.\n\nMiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.\n\nA full analysis is available on our website here [http://www.spangel.co.uk/legal-and-regulatory-notices.html](https://spangel.email.streetcontxt.net/platform/al?a=13711369&ad=4659042961&h=HIB4kp7&sig=FcPNhXnUmZgLrECQoyUceXoG9tH&v=2&url=http://www.spangel.co.uk/legal-and-regulatory-notices.html). If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins ([tim.jenkins@spangel.co.uk](mailto:tim.jenkins@spangel.co.uk)).\n\nSPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return\n\nSP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange"}