Morning Bites

🥉Global mined copper production increased 2.4% YoY in June, vs. the revised drop of 2.3% YoY in May, the ICSG reports. Overall, in 1H26, global copper output decreased 1.0% YoY. The main contributors to the production slowdown were Indonesia and Chile, where mined production declined 32.0% and 6.6% YoY, respectively, affected by major accidents in 2025 and declining ore grades

Meanwhile, global apparent copper consumption increased 2.3% YoY in 1H26, mainly driven by demand in China (+3.2% 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