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. All notes are available here on the Mining Investing Toolkit and on Substack.
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