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JP Morgan downgraded its ratings for several steel producers, including First Quantum, ArcelorMittal, and Voestalpine, reflecting concerns over the Iranian market. Recommendations for Anglo American, Lundin, and Kumba Iron Ore also fell.

The European commodity index SXPP underperformed, with declines of 12% for Voestalpine, 9.9% for ArcelorMittal, and others. Analysts noted that the sector's response to current energy market changes appears mild compared to past events like the Russian-Ukrainian conflict. Although long-term prospects for copper remain favorable, short-term risks are prompting a preference for aluminum companies, while JP Morgan maintains a bullish outlook on gold-related stocks.