1、M IdeaMetals&Mining|Europe1Q26 Production Previews Diversified MinersMorgan Stanley&Co.International plc+Alain Gabriel,CFAEquity Analyst Alain.GabrielMorganS +44 20 7425-8959 Ioannis Masvoulas,CFAEquity Analyst Ioannis.M +44 20 7425-0427 Morgan Stanley Australia Limited+Rahul Anand,CFAEquity Analyst

2、 R.A +61 2 9770-1136 RMB Morgan Stanley Proprietary Limited+Brian MorganEquity Analyst Brian.M +27 11 587-0803 Morgan Stanley&Co.International plc+Ferdinand HuberResearch Associate Ferdinand.H +44 20 7677-2702 Adahna EkokuEquity Analyst Adahna.E +44 20 7425-0578 Morgan Stanley Australia Limited+Mich

3、ael A StancliffResearch Associate Michael.S +61 2 9770-9253 Metals&MiningEuropeIndustry ViewIn-LineWe preview 1Q26 production across the diversified miners.Anglo American:focus on whether Quellaveco and Los Bronces can offset Collahuasi softness.Glencore:focus on copper momentum,marketing earnings a

4、nd coal delivery.Rio Tinto:focus on Pilbara cyclone disruption,Kennecott downtime and Simandou ramp-up.#Anglo American:Collahuasi appears soft,but Quellaveco and Los Bronces may be an offset based on the monthly Chile/Peru data.Iron ore should be supported by stronger Kumba exports,partly offsetting

5、 softer Minas-Rio shipments.Key focus:guidance commentary on Collahuasi grades,Los Bronces plant commissioning,and Sishen UHDMS timing.#Glencore:Copper momentum remains the key issue;1Q26 needs to confirm that the stronger 4Q25 run-rate is sustainable,especially at Copper Africa.Marketing conditions

6、 are supportive and consensus sits at the upper end of the guidance range,but risk discipline should limit expectations for outsized earnings.Coal volumes should be stable,with emphasis on delivery against a firmer thermal coal backdrop.#Rio Tinto:Pilbara iron ore shipments will be shaped by cyclone