NeutralCuCOPPERSCCOSouthern CopperSouthern CopperAgXAGSilverSilverAuXAUGoldGold

3d ago on

Mining a pound of copper costs 🇨🇱 Codelco about $2.09. Southern Copper does it for $0.58. Copper sells for about $6. Change in cost per pound, 2019 → 2025: 🔹 First Quantum: +54% 🔹 Codelco: +47% 🔹 Teck: +46% 🔹 Rio Tinto: -28% 🔹 Southern Copper: -34% The cheap producers sell gold, silver and molybdenum from the same ore, and record gold prices push their net copper cost down. Supply is the problem. Cochilco expects 🇨🇱 Chile's output to fall 8.4% this year, to 4.94m tonnes. Demand keeps rising, from power grids, data centres and EVs. It's the most profitable copper market in years and the world's biggest producer is shrinking.

CuCOPPERBullishLNGCheniere EnergyNeutralCheniere EnergyGASNATGASNatural GasNeutralNatural Gas

6d ago on

Day 3 at ADIPEC and Vitol’s Eduard Ruijs put the next big gas question in 1 line: “There is a lot of LNG coming to the market, and that needs to be used somewhere. We now need to focus on who uses that gas in the future.” He was speaking on the panel “Energy diversification as strategic defence: how oil shocks are accelerating the clean energy build-out”. I think it’s the most important question in energy right now. New LNG supply is coming from the US, Qatar and elsewhere over the next few years. Most of the debate is about a glut and lower prices. Much less of it is about whether buyers can actually use the gas. To burn gas onshore, you need power stations. To build power stations, you need 2 things that are already scarce. 🔹 Gas turbines: The big makers are largely sold out. Orders placed now are slotted for 2028 to 2030, and some deliveries stretch into the 2030s. Siemens Energy has said more than 60% of its US gas turbine orders are linked to AI data centres 🔹 Copper: Every new plant, grid connection and data centre needs it. China is paying a record premium just to import it and traders describe copper as “sold out everywhere” Cheap, abundant LNG (in the future) only turns into demand if someone builds the turbines, the grids and the plants to use it. AI data centres are adding a whole new layer of electricity demand on top of normal growth. So the investment case isn’t only in producing gas. It’s in everything between the LNG terminal and the plug: turbines, power plants, grids, copper, and the pipelines that feed them. Lots of that money still has to be spent and the companies that can deliver it are already booked for years. #ADIPEC2026 https://t.co/hMJSDkpzWJ