Morning Bites (part 2)

⛏️ Ivanhoe has released downbeat copper production guidance for 2026-27, reflecting a slower recovery at its underground Kakula mine (~1.5% of global Cu supply), after the flooding in May. Before the accident, the company had expected to reach 600ktpa output already next year, but now the projections have been lowered to ~400kt for 2026 and ~520kt for 2027, according to the new guidance

To recap, Freeport McMoran has also recently revised down its 2026+ production expectations, following the accident at its flagship Grasberg mine (~3.0% of global Cu supply)

We maintain our bullish view on copper, amid both short- and long-term supply issues (already underscored by negative spot TC/RC in China in 2025), growing demand for renewables globally, and surging investments in China’s grid infrastructure (~8% of global Cu demand, on our numbers)

#copper