📌Copper output remains subdued, underperforming industry estimates

⛏World refined copper production demonstrated growth rates of 0.5-2.4% YoY in 2019-22F, firmly below industry forecasts. For 2023, industry reports suggest robust production growth, supported by several projects being ramped up or launched (Kamoa, QB2, Udokan, etc). However, previous industry estimates have been consistently overly bullish

📉Furthermore, the structural negative factors (unpleasant weather conditions and social unrest) are adversely affecting production in two major countries, Chile and Peru (~40% of global mined Cu supply). As a result, the two countries’ combined production is close to its six-year lows

❗️Were the negative factors in mining to persist, that might partially offset the positive effects of new project launches, restraining Cu supply growth in 2023, in our view

#copper
https://metals-wire.com/sector/Copper