JPM: Latest on Refiners, Capstone Sells Cozamin at Premium, Copper Macro, Coal Outlook Call

J.P. Morgan APAC Specialist Sales daily note covering latest on refiners, Capstone Copper's sale of Cozamin and copper macro. Refiners: US diesel inventories are the lowest since 1982, traders have nothing to store, diesel tank availability increases and the chorus for a US export ban grows. Capstone Copper announced the sale of Cozamin for up to US$385m in total consideration - US$290m upfront, a US$35m deferred cash component and US$60m in copper-linked contingent payments (annual payments of US$10m, US$15m or US$20m if average LME copper is US$7.00-7.75/lb, US$7.76-8.50/lb or at least US$8.51/lb respectively over CY2027-29;