Morning Bites (part 3)

🇨🇱Chile has cut its medium-term copper production outlook, with peak supply seen in 2027, Bloomberg reports, citing an updated forecast by the country's copper commission, Cochilco. According to the report, aging Chilean mines and a more realistic approach to calculating project development are likely to bring, on average, ~15% lower supply in 2028-34 (2-3% of global output, as Chile accounts for ~24% of global Cu supply), compared with the 2023 estimates. Furthermore, local production is now expected to peak 2 years earlier - in 2027 at 6.1mnt

We maintain our positive view on copper, given supply issues and growing demand for renewables globally, as well as surging investments in China’s grid infrastructure (which represents ~8% of global Cu demand, on our numbers)

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