Morning Bites

🥉Global mined copper production declined 3.3% YoY in May, vs. the drop of 4.4% YoY in April, the ICSG reports. Overall, in 5mo26, global copper output decreased 1.9% YoY. The main contributors to the production slowdown were Indonesia and Chile, where mined production declined 38.0% and 8.8% YoY, respectively, affected by major accidents in 2025 and declining ore grades

Meanwhile, global apparent copper consumption increased 2.2% YoY in 5mo26, mainly driven by Chinese demand (+3.0% 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