Morning Bites

🥉Global mined copper production decreased 1.4% YoY in September, in-line with the 1.2% YoY decline in August, the International Copper Study Group reports. The figure, however, was still up 1.9% YoY on a 9mo25 basis, mainly driven by growth in Peru (+2.8% YoY) and the DRC (+8% YoY). In our view, the negative production dynamics might persist in the coming months, given the recent accidents and production disruptions at major mines: Grasberg (~3.5% of global supply in 2024), El Teniente (~2.0%) and Kakula (~1.5%)

Meanwhile, apparent consumption dynamics remained positive, being up 5.5% YoY in 9mo25, mainly driven by China (+8.5% 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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