Barclays notes iron ore miners' implied prices (Rio $85, Vale $92, BHP $93) are well below the $110/ton spot price.
Diversified miners' shares rose 4‑9% week‑over‑week while spot prices stayed flat, pushing implied iron ore prices up 5‑9% weekly.
Copper equities show mixed premiums, with Antofagasta at a 23% premium ($6.91/lb) and Boliden at a 51% discount ($6,286/ton).
Precious‑metal miners priced gold below spot (Hochschild $3,425/oz, Endeavour $3,744/oz) as their shares jumped 7‑8% and gold rose 3% weekly.