Morning Bites

🥉Global mined copper production declined 0.5% YoY in March, matching the revised February dynamics, the ICSG reports. Overall, in 3mo26, global copper output inched down 0.2% YoY. The main contributors to production slowdown were Indonesia and Chile, where mined production declined 42.0% and 5.8% YoY, respectively, affected by major accidents in 2025 and declining ore grades.

Meanwhile, global apparent copper consumption increased 0.8% YoY in 3mo26, though Chinese demand was estimated as broadly flat 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