10:54 AM EDT, 07/03/2025 (MT Newswires) -- Hudbay Minerals ( HBM ) , Capstone Copper ( CSCCF ) and First Quantum Minerals ( FQVLF ) are among RBC Capital Markets' preferred names in its base metals coverage, according to a Wednesday note.

RBC cited Hudbay's strong free cash flow and efforts to de-risk the Copper World project, while mentioning Capstone's production and FCF inflection.

Any progress in Panama could also be positive for First Quantum, RBC said.

RBC also mentioned other copper companies including Teck Resources (TECK-B.TO), where weak production and low grades from April may lead to reduced guidance.

Ivanhoe Mines ( IVPAF ) 's quarter is likely to be messy due to the seismic event, RBC said.

As for Champion Iron ( CIAFF ) , RBC said it expects continued improvement in the company's rail performance although lower iron prices remain a headwind.

RBC copper and the equities have rallied in recent weeks on improving China-US trade relations

and US dollar weakness.

The potential of a US copper tariff also continues to support prices as the flow of metal into the US has left other markets tight, RBC said.

Price: 14.69, Change: -0.19, Percent Change: -1.28