Morning Bites

🥉Global mined copper production increased 1.3% YoY in July, vs. the revised 2.9% YoY gain in June, the ICSG reports. Meanwhile, in 7mo26, global copper output was down 0.8% YoY. The main contributors to the production slowdown have been Chile, Indonesia and the DRC, where concentrate output declined 8.8%, 29.0% and 30.0% YoY, respectively, due to lower output at El Teniente, Escondida and Spence, ongoing constraints at Grasberg (following the September 2025 mud-rush incident), and reduced production at Kamoa (after the 2025 seismic event)

Meanwhile, global apparent copper consumption increased 2.4% YoY in 7mo26, mainly driven by strong demand in China (+3.5% YoY)

We maintain our bullish view on copper, due to both short- and long-term supply issues, growing global demand for renewables and solid investments in China’s grid infrastructure (~8% of global Cu demand, on our numbers)

#copper