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Morning Bites (part 2)

⛏️Codelco has temporarily halted all underground operations at its El Teniente copper mine, after a fatal seismic event, Bloomberg reports, citing the company’s chairman. According to Reuters, Codelco is only stopping the mine's operations: it is continuing its concentrator and smelter operations. The stoppage duration was not specified yet

Given the El Teniente mine produced ~360 kt Cu in 2024 (~2% of global mined output), its suspension might additionally limit already tight global copper supply, which is a favourable factor for sentiment on the copper market, we believe

We maintain our bullish view on copper, amid both short- and long-term supply issues, growing demand for renewables globally, and surging investments in China’s grid infrastructure (~8% of global Cu demand, on our numbers)

#copper
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