Morning Bites

🥉Global mined copper production increased 4.9% YoY in March, after the 9.5% YoY rise in February, the International Copper Study Group reports. Meanwhile, overall 1Q24 output was up 6.0% YoY. The dynamics were mostly driven by output growth in DR Congo (~11% of global supply), where production surged 24% YoY in 1Q24, supported by the expansion of the Kamoa mine, which offset the closure of Cobre Panama (since November 2023). On the demand side, the ICSG notes an increase in refined copper consumption (+4.0% YoY in 1Q24), driven by strong demand in China (+6.5% YoY in 1Q24) amid rapid expansion of the new-energy sector, while weak demand in the EU, US, and Japan weighed on ex-China usage (+0.7% YoY in 1Q24)

#copper
https://metals-wire.com/sector/Copper