Australia and New Zealand Bank: Tight copper supply supports prices

Analysts at ANZ Bank stated that copper continues to face supply tightness as major mines are struggling to address production disruptions and maintain cautious output guidance. Global mining output is expected to increase by about 1% this year, while the refined copper market is expected to remain constrained even as smelters increase processing capacity. ANZ Bank also anticipates that strong demand from energy transition and data center growth will keep the market in a supply shortage of 4%-5%, thus supporting prices. Copper futures on the London Metal Exchange rose by 1.3% to $13,129 per ton.