Morning Bites

🇨🇱 Copper output at Chile's Codelco dropped 10% YoY in FY22, due to operational problems and project delays. Overall, the miner produced ~1.45mt of copper in 2022, slightly below its guidance of 1.49-1.51mt. Although Codelco's outlook for this year has not been updated yet (1.45mt of Cu), unfavourable structural factors (including grades depletion and the weather) pose risks to the performance of the world’s largest copper miner in 2023, in our view

📈 Global primary aluminium production was up 6% YoY in December, vs. the 5% YoY growth in November, the International Aluminium Institute (IAI) reported. Hence, output grew ~2% YoY in FY22, despite the production cuts in Europe and North America. According to the IAI, China's aluminium output rose 4% YoY (+13% vs. 2019), overcoming the implications of Covid-19. Despite the potential support from China's industrial recovery, we do not expect world output to rise substantially in 2023

#copper #aluminium
https://metals-wire.com:3000/news-reports