Morning Bites (part 2)

🇨🇱Chile has revised down its medium-term mined copper production outlook for 2026-34, Reuters reports, citing a report from the country's copper commission (Cochilco). Its 2026 copper supply forecast is now 6% below the previous estimate (and, on average, 4% lower for 2026-31). The revision came amid falling ore grades and adjustments to mining plans in Chile (~24% of global mined Cu supply)

To recap, Cochilco also materially cut its production guidance in early-2025, which was, on average, ~15% lower for 2028-34 than its 2023 estimates

We maintain our positive 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)

#copper