$HBM

Gina Rinehart's Hancock Prospecting has invested in nine mining and metals companies in a year, diversifying from iron ore. Recent investments include A$8.77 million in White Cliff Minerals (ASX: WCN) for a 13.5% stake, and A$125 million in Arafura Rare Earths (ASX: ARU). Hancock also holds stakes in Rare Earths Americas (NYSE: REA), MP Materials (NYSE: MP), and Lynas Rare Earths (ASX: LYC). The company has also invested in defence contractors and SpaceX.

Canadian analysts updated ratings and price targets for various companies. Enbridge (ENB) and TC Energy (TRP) received upgrades, while Evertz Technologies (ET) saw multiple target reductions. Notable changes include BCE (BCE) upgraded to BUY, Canfor (CFP) raised to STRONG BUY, and West Fraser (WFG) target increased. Several new coverages were initiated, including for Calian Group (CGY) and Skeena Resources (SKE).

BMO analyst Ben Pham updated top picks in the energy infrastructure sector, with TransCanada (TRP) as the new top pick, and adjusted price targets for Altagas (ALA) and Atlantic Coast Operations (ACO.X). RBC analyst Sam Crittenden raised copper price forecasts, citing strong fundamentals, and highlighted potential upside for First Quantum, Capstone (CS), and Hudbay (HBM).

Zinc prices fell $90 to $4,015/tonne, with the 3-month contract at $3,872. Backwardation held at $143. Nexa Resources (NEXA) and Buenaventura (BVN) shares rose 1.29% and 0.56% respectively, recovering from Thursday's losses. Latin American zinc production is declining, with Peru's output down 10.2% in 2026. Boliden agreed to acquire Nexa for ~$1.31B, valuing the company at ~$3.67B.

Copper prices and U.S. miners fell after Reuters reported the White House is undecided on tariffs for refined copper. Comex copper futures dropped 4.4% to $6.59/lb. Freeport-McMoRan (FCX) fell 7.2% to $70.78. Teck Resources (TECK), Hudbay Minerals (HBM), and Rio Tinto (RIO) also declined. Tariffs could boost U.S. copper production but raise costs for manufacturers and consumers.

Copper miners like Freeport-McMoRan (FCX) and Southern Copper (SCCO) are experiencing significant declines, with FCX down over 6% in a session and 4% in a week. Copper prices, which impact miner earnings, have pulled back, affecting equity values. Despite recent gains, the selloff highlights potential risks in the copper market, which is tied to infrastructure and technology demand.

The TSX fell 273.14 points to 35,633.42, led by declines in miners like Capstone Copper and Hudbay Minerals. Enbridge announced a $2.55B acquisition of Tallgrass Energy's crude oil business, but its shares dropped 3.2%. U.S. markets also declined amid rising oil prices and inflation concerns.

HudBay Minerals (HBM) stock fell 7.3% to $36.90 after a retreat in LME copper prices, which reached a record high earlier. The decline followed uncertainty over U.S. tariffs on refined copper imports, impacting copper-focused producers. The broader market also declined, with the S&P 500 and Nasdaq down 0.5% and 0.7%, respectively. No company-specific news was reported.

Copper futures hit a record $6.70/lb in August due to strong demand from data centers, EVs, and grids, outpacing supply constraints. Miners like Freeport-McMoRan (FCX), Hudbay Minerals (HBM), and Trekor Metals (TGB) benefit from rising prices. Copper's futures curve in backwardation signals a physical shortage. Analysts see long-term structural demand but note execution risks for smaller miners.

Hudbay Minerals Inc. (TSX, NYSE: HBM) was named a 2026 TSX30 winner, recognizing its 427% share price increase over three years. The company, a copper-focused miner, operates in Canada, Peru, and the U.S. and plans to continue growth and value creation.