JPM Mining Daily: Iron Ore -0.1%, Spodumene +3.8%, RMS Retain OW, China Metals Activity Tracker & More

J.P. Morgan's Asia Pacific Metals & Mining daily. Overnight commodities: iron ore -0.1% to US$97/t, Platts spodumene +3.8% to US$1,895/t, lithium hydroxide +1.7% and carbonate +1.5%, copper +1.1% to US$6.67/lb, gold -0.8% to US$4,343/oz, Brent -3.6% to US$100/bbl. On Ramelius Resources (RMS), the 4-year outlook update showed FY30 production 3-14% better than JPMe and AISC guidance 3-11% below JPMe, lifting NPV by 4%; retain Overweight on a 25% production CAGR to FY31 and sector-leading ~70% FY28E EBITDA margins, trading at 0.74x P/NPV and 5x FY28E EV/EBITDA. European IG Metals & Mining, "Shining like copper", should keep generating healthy FCF with copper near record highs;