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00:02Global copper mine production fell 1.1% in the first half of the year,
00:08raising the prospect of the first annual supply contraction since 2017, according to Benzinga.
00:14Morgan Stanley now expects mine output to remain little changed or decline slightly.
00:20Chile posted its weakest second quarter production in at least 19 years
00:24as storms, poor closures, and declining ore grades disrupted operations.
00:28Codelco and Freeport McMorand recorded double-digit production declines.
00:34Limited mining investment and lengthy permitting have also constrained the project pipeline,
00:39with meaningful new supply unlikely before 2030.
00:42Citigroup analyst Tom Mulquin forecast copper at $15,000 a ton by year-end,
00:47with potential for roughly $17,000 if manufacturing, energy transition, or data center demand strengthens.
00:55Maintaining current copper production through 2035 could require $250 billion in investment,
01:02potentially rising above $400 billion in the 2,030 seconds.
01:07Copper hit a fresh all-time high as London Metal Exchange three-month futures climbed to $14,533 per metric
01:15ton.
01:15For all things money, visit Benzinga.com.
