European Mining: Reset & Opportunity

European mining stocks underwent a sharp valuation-led reset in 2Q26, underperforming MSCI Europe even as forward earnings expectations improved. The sector has since partially recovered, but the rebound has reduced the scope for easy upside and shifted the focus toward selective opportunities. Meanwhile, copper’s long-term demand outlook remains supported by electrification, renewable energy, EVs and grid investment, with AI and data-center expansion adding a new source of demand. Our latest analysis explores the valuation reset, evolving copper demand dynamics and where selective exposure may still offer attractive opportunities.