Morning Bites

🥉Global mined copper production increased 2.7% YoY in June, vs. the revised gain of 5.3% YoY in May, the International Copper Study Group (ICSG) reports. The figure was also up 2.7% YoY on 1H25 basis, mainly driven by growth in Peru (+3.6% YoY) and the DRC (+9.5% YoY). However, positive production dynamics in further months will be limited, in our view, given the suspension of Kakula’s underground operations in late-May (~1.5% of global and ~10% of DRC’s Cu output), along with the recent fatal accident at El Tentiente mine (~2.0% of global supply)

Apparent consumption dynamics continued to grow, being up 4.8% YoY in 1H25, mainly driven by China (+7.5% YoY)

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)

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