Lynas Entry Point, Aus Miners 3Q Review, China Suspends Product Exports, Ampol Evie Acquisition, MP Materials Call, Kpler on Middle East Exports

JPMorgan APAC Specialist Sales morning note (2 Oct 2026). Dated Brent rose ~6% overnight on escalating Middle East risk premia. Highlights: Lynas (LYC AU) — the ~US$0.67bn Caldeira/MEI acquisition adds scale, low-cost heavy rare earth feed and DyTb exposure at ~6% dilution; the sell-off is overdone, remain Overweight with A$19 PT. Australian Mining — valuations screen cheap post sell-off; add exposure and tilt to diversified miners plus copper, with LT copper raised to $6/lb; BHP and RIO stay Overweight (BHP preferred), SFR upgraded to Overweight. Refiners — China suspended product exports and Russia extended its export ban, while US diesel inventories drew more than expected. Ampol agreed a A$225m acquisition of Evie. Rare earths conference takeaways and an MP Materials call were noted, and Kpler discussed rebounding Middle East crude exports.