What happens when the world’s largest copper producer can no longer grow production?
Scary thought, isn’t it?
Chile’s copper output has been trending lower for more than a decade, while copper prices have climbed from around $2/lb to above $6/lb.
The market is sending a clear signal: supply is struggling to keep pace with long-term demand.
In this note, I cover the medium- to long-term trajectory of Chile’s copper production, how it relates to other top producers, and what this means for investors. This piece is the first part of my “Supply stress” series.
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