Morning Bites (part 2)

⛏️ Freeport-McMoRan has released an updated outlook for its Grasberg mine, after a major underground accident in September 2025. Management now sees 2026 copper output ~90kt below the initial estimate, which is likely to add ~0.3% to the expected global Cu market deficit next year (~3% of annual demand), on our numbers. In the longer term, Freeport also sees its production 40–50ktpa lower than we previously anticipated in 2027-29

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