Morning Bites (part 2)

⛏️ Codelco has signalled a strategy shift toward profitability over production volume, Bloomberg reports, citing the miner’s new chairman Bernardo Fontaine. The board has also called for a review of the calculation of 2024-25 production figures after the discovery of overcounting. Meanwhile, Codelco’s output (~6% of global mined Cu supply) dropped 8% YoY in 1Q26, amid declining ore grades and the fatal accident at the El Teniente mine in 2025

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