Morning Bites

🇵🇪 Peru’s copper output fell 5% YoY in June, reversing from the 2% YoY increase in May, per data released by the country’s Energy and Mines Ministry. The decline was mainly driven by lower ore grades at several large operations. On a 1H26 basis, local production was up only 2% YoY, primarily supported by stronger output at Antamina, while lower production at Quellaveco and several other mines limited the overall growth

Meanwhile, the combined copper output of Chile and Peru (~35% of global mined Cu output), was up 2% YoY in June. However, their joint production remained 4% lower YoY in 1H26 amid ongoing supply issues in Chile

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