Friday’s miner tape was a straight macro bounce. Copper miners led at +3.01 percent, followed by BHP (+1.68 percent to $86.07), Rio Tinto (+1.44 percent to $94.21), gold miners (+1.2 percent to $87.78), silver miners (+1.02 percent), lithium and battery miners (+1.55 percent) and uranium miners (+0.51 percent) — every tracked index green, tracking their metals higher on the Iran-war headlines.
The outperformance details are modestly interesting: copper miners rose 3.0 percent against copper’s 1.4 percent gain, suggesting the prior week’s growth-fear derisking had overshot and Friday’s rebound had short-covering in it. Gold miners, by contrast, absorbed only a partial bounce — up 1.2 percent on the day but still down 5.5 percent on the week, lagging gold’s own recovery from the selloff.
Rare earth miners were the laggard at +0.41 percent and −5.2 percent on the week, having sold off on summit optimism that the arithmetic doesn’t support: August Chinese export volumes are already 18.2 percent below year-ago with value per ton up 72.7 percent, 36 days from the November 10 truce expiry. No company-specific production results, guidance changes or operational incidents surfaced over the weekend — a clean macro tape.