NANR Overview

• ETF Performance Overview: On Wednesday, Cleveland-cliffs and Transocean saw significant trading volumes with declines of 0.9% and 2.9%, respectively, while MP Materials gained 6.2% and PBF Energy dropped 7.9%.

• Market Commentary: The views expressed in the article are those of the author and do not necessarily represent Nasdaq, Inc.

• Glencore's Consolidation Efforts: Glencore is consolidating its copper and zinc assets amid economic pressures, including job cuts and a $1.5 billion impairment, while seeking efficiency measures in its Canadian operations to maintain profitability.

• Market Dynamics and Competition: Zinc prices have recently recovered due to supply constraints, but competition in the smelting sector is intensifying, particularly with Boliden's expansion of its zinc smelter, raising concerns about Glencore's market position and profitability amidst potential U.S. trade tariffs on Canadian exports.

Value investors target undervalued mining stocks amid supply constraints and market dislocation, says Taylor McKenna.

Newmont Corp highlighted as undervalued despite rising gold prices; balance sheets strengthen across the mining sector.