Morning Bites

🥉Global mined copper production was flat YoY in February, vs. the revised 0.7% increase YoY for January, the International Copper Study Group reports. In 2mo26, copper output inched up 0.4% YoY. The main contributor to production growth in early-2026 was Peru (+2.9% YoY)

Meanwhile, global apparent copper consumption was estimated as unchanged YoY in 2mo26. Specifically, per ICSG data, Chinese apparent demand declined 2% YoY over the period, offsetting world's ex-China increase

We, however, 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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