Morning Bites (part 1)

🥉Global mined copper production fell 2.1% YoY in December, vs. the revised decline of 3.2% YoY in November, the International Copper Study Group reports. In 2025, however, the figure was up 0.7% YoY, due to the strong 1H25 dynamics before the series 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 upbeat, up 3.0% YoY in 2025, mainly driven by China (+4.0% 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)

#copper