Copper Equities Down 5.5% Week over Week, RBC Says

-- Copper equities fell 5.5% over the past week driven by a pullback in gold, a firming U.S. dollar, and a sharp oil rally, as markets digest the spillover effects of the war in Iran, RBC Capital Markets said Monday.

Sulfuric acid availability remains in focus as China plans to halt acid exports in May to prioritize domestic fertilizer and battery production. Prices are reaching about $1,000 per tonne, threatening leaching operations that represent 20% of global copper output, while operations in the Democratic Republic of Congo rely primarily on Middle Eastern acid.

Ivanhoe Mines (IVN.TO) stands out as a clear beneficiary of this acid supply squeeze, with the newly commissioned Kamoa-Kakula smelter producing 1,200 tonnes per day of acid that could generate over $400 million in annual byproduct revenues at spot prices.

Capstone Copper (CS.TO) and Lundin Mining (LUN.TO) face potential cost headwinds from their

Chilean leaching operations, although local supply chains and term contracts could provide insulation in the near term, RBC said.

Price: $78.52, Change: $-3.72, Percent Change: -4.52%

瑞银称，Brown & Brown第一季度财报显示，其有机营收增长持续承压。

瑞银在一份报告中指出，Brown & Brown (BRO) 的第一季度财报显示，尽管其每股收益和调整后利润率均好于预期，但公司有机收入增长依然承压。瑞银周一表示，Brown & Brown第一季度有机收入增长持平，低于瑞银此前预期的2%和市场普遍预期的1.3%。瑞银还指出，该指标已剔除了1000万美元的诉讼相关收入损失，这一数字与预期相符。展望未来，瑞银表示，Brown & Brown预计第二季度灾害性财产保险费率将继续面临下行压力，而经济增长应保持相对稳定。瑞银补充道，公司资本配置将侧重于股票回购和偿还债务，同时也会积极参与一些特殊项目和小额交易。瑞银维持对Brown & Brown股票的“中性”评级，目标价为81美元。周二，Brown & Brown股价下跌超过6%。Price: $62.07, Change: $-4.06, Percent Change: -6.13%

$BRO

TD Cowen 将 Incyte 的目标股价从 123 美元上调至 124 美元。

根据FactSet调查的分析师报告，Incyte (INCY) 的平均评级为“增持”，平均目标价为109.10美元。（报道北美、亚洲和欧洲主要银行及研究机构的股票、商品和经济研究。研究机构可通过以下链接联系我们：https://www..com/contact-us）Price: $94.83, Change: $-0.89, Percent Change: -0.93%

$INCY

Copper Equities Down 5.5% Week over Week, RBC Says

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瑞银称，Brown & Brown第一季度财报显示，其有机营收增长持续承压。

TD Cowen 将 Incyte 的目标股价从 123 美元上调至 124 美元。