Metals and copper continue to have a bullish fundamental picture. Shree Metal Prices reported that First Quantum’s Cobre Panama mine closure and Anglo’s Bronces’ low ore quality have caused copper’s projected 4–4.5% mined supply jump in 2024 to be derailed.
Other mines that could fill the gap, including 2 greenfield projects ramping up. However, the mine supply may only increase by 1.5% to 2% this year. A rise above 3% is now only anticipated in 2025–2026.
Due to project delays, Chile has lowered its growth estimates for copper; production is now expected to reach 5.64 million tonnes this year and 6 million tonnes in 2025.