Morning Bites

🇨🇱Chile’s copper output dropped 5% YoY in December, broadly in line with the 7% YoY decrease in November, per the INE data. Overall, the country’s mined Cu production fell ~2% YoY in 2025.
Chile (~24% of global mined Cu supply) has recently revised down its medium-term Cu production forecast. Specifically, its outlook for 2026 is now 6% below the previous estimate (implying only moderate YoY growth of 2-3%). The revision came amid falling ore grades and adjustments to mining plans in Chile

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