Morning Bites

🥉Global mined copper production increased 1.4% YoY in April, decelerating from the +4.9% YoY in March, the International Copper Study Group (ICSG) reports. Meanwhile, on a 4mo24 basis, the output was up 4.9% YoY, amid the ramp-up of new mining assets in DR Congo (~11% of global supply). On the demand side, the ICSG notes upbeat refined copper consumption (+4.0% YoY in 4mo24), mainly in China (+6.5% YoY) following rapid expansion of the new-energy sector

Overall, we maintain our positive view on copper, amid growing demand for renewables, as well as surging investments in grid infrastructure - although the spot Cu price is already ~50% above the 90th %-ile marginal costs, on our numbers, supported by favourable market conditions

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