Morning Bites

🇵🇪 Peru’s copper output rose 4% YoY in July, reversing from the 5% YoY decline in June, according to data released by the Energy and Mines Ministry. On a 7mo26 basis, local production was up only 2% YoY, bolstered by stronger output at Antamina, while lower supply from Quellaveco and several other mines limited the overall growth

Meanwhile, the combined copper output of Chile and Peru (~35% of global mined Cu), was down 5% YoY in July. Their joint production remained 4% lower YoY in 7mo26 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