Morning Bites

🥉Global mined copper production rose 2.2% YoY in January, a reversal from the decline of 2.1% YoY seen in December, the International Copper Study Group reports. The main contributor to production growth in early-2026 was Peru (+3% YoY)

Meanwhile, apparent copper consumption rose 2.5% YoY in January. Specifically, per ICSG data, China’s copper consumption grew 1% YoY over the period

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