Morning Bites

🥉Global mined copper production decreased 1.6% YoY in November, vs. the revised decline of 2.6% YoY in October, the International Copper Study Group reports. On an 11mo25 basis, however, the figure was still up 1.0% YoY, mainly driven by higher output in the DRC (+7% 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, up 4.0% YoY in 11mo25, mainly driven by China (+5.5% YoY)

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

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