Morning Bites

🥉Global mined copper production declined 4.5% YoY in April, vs. the revised drop of 1.1% YoY in March, the ICSG reports. Overall, in 4mo26, global copper output decreased 1.4% YoY. The main contributors to the production slowdown were Indonesia and Chile, where mined production declined 40.0% and 7.9% YoY, respectively, affected by major accidents in 2025 and declining ore grades

Meanwhile, global apparent copper consumption increased 2.0% YoY in 4mo26, mainly driven by Chinese demand (+2.4% YoY)

We maintain our bullish view on copper, due to 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