Morning Bites (part 1)

🥉Global mined copper production stood broadly flat YoY in May, decelerating from the revised +2.0% YoY in April, the International Copper Study Group (ICSG) reports. On a 5mo24 basis, output was up 4.1% YoY, following some production recovery at existing assets (mainly in Chile, Indonesia, and the USA), as well as the ramp-up of new projects in DR Congo (~11% of global supply). On the demand side, the ICSG notes strong refined copper consumption (+3.7% YoY in 5mo24), mainly driven by China (+5.5% YoY)

Overall, we maintain our positive view on copper, amid growing demand for renewables globally, and surging investments in China’s grid infrastructure

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