Morning Bites

🇨🇱Chile’s copper output dropped 14% YoY in April to the lowest point in the last 10 years, after the 9% YoY decrease in March, per INE data. The production decline was mainly attributable to the high base effect, as well as lower ore grades at major mines

We remind readers that Chile (~24% of global mined Cu supply) has recently revised down its medium-term Cu production forecast amid falling ore grades and adjusted mining plans. Specifically, its outlook for 2026 is 6% below the previous estimate (implying only moderate YoY growth of 2-3%)

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