1、North America Equity Research11 July 2025J P M O R G A NClean Tech/Metals&MiningBill Peterson AC(1-415)315-Bennett Moore(1-212)622-Mahima Kakani(1-212)622-J.P.Morgan Securities LLCKey takeaways from our short interest update as of June 30 settlement(published July 10)include:1)average short interest

2、 among our coverage fell to 7.9%(vs.prior 8.5%and 7.5%1-yr avg.),while the average days to cover fell to 3.1 days(vs.prior 4.5 days and 4.5 days 1-yr avg.);2)CMCs short interest rose 0.3%and remained at a 1-yr high of 3.9%(vs.3.2%1-yr avg.);3)TECKs short interest fell 3.4%but remained at a 1-yr high

3、 of 0.9%(vs.0.7%1-yr avg.);4)EAFs short interest fell 29.7%to a new 1-yr low of 5.0%(vs.5.7%1-yr avg.);5)CRSs short interest dropped 23.7%to 7.5%(vs.5.7%1-yr avg.);and 6)AAs short interest rose 18.7%to 6.7%(vs.4.4%1-yr avg.).Short interest for CLF and MP remains 400bps above 1-yr averages.Among our

4、coverage,the heaviest shorted equities by sub-sector include IE for copper,CLF for steel,AA for aluminum,and MP for lithium/rare earths.Figure 1:Portion of Shares Shorted as%of Free Float Current vs 1yr Avg0%5%10%15%20%25%MPLEUCLFLACIEPLLCRSAAEAFCMCSTLDCSTMKALUNUEFCXTECK1y Interquartile RangePortion

5、 of float shorted on 30 Jun 251yr MeanSource:Bloomberg Finance L.P.Figure 2:Days to Cover Short Interest Based on ADTV Current vs 1yr Avg0510152025PLLIELACAAKALUCLFMPSTLDCRSNUECSTMFCXCMCLEUTECKEAF1y Interquartile RangeDays to cover as of 30 Jun 251yr MeanSource:Bloomberg Finance L.P.See page 18 for

6、analyst certification and important disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this