
Same Story, Different Math: Transition Economics Pull Apart
1st Topic of the Week: C-MACC Clean Energy Mineral Index recovered in July, but diverging supply responses leave copper better supported and lithium more exposed
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1st Topic of the Week: C-MACC Clean Energy Mineral Index recovered in July, but diverging supply responses leave copper better supported and lithium more exposed

General Thoughts: Recent crude relief is narrowing oil-linked costs faster than gas-linked economics, preserving North America’s ammonia and methanol advantage as energy markets normalize unevenly.

General Thoughts: Asia’s naphtha premium over Europe should persist through 2H26, supporting demand for US ethane access as softer crude lowers costs but weak polymer

General Thoughts: Mortgage rates at a 2026 high are widening earnings gaps across construction markets, favoring businesses tied to funded infrastructure over those awaiting a
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