Chile exported 2.99mn mt in the January-July period, up by 4pc from 2.87mn mt shipped in the same period last year.
However, the country’s copper exports by value fell by 2.3pc in the first seven months of the year compared to the same prior-year period, according to the latest data released by the Chilean Copper Commission (Cochilco).
The South American country exported copper products valued at $18.1bn in the January-July period, down from $18.5bn achieved in the same period of 2019.
Of the total amount, Chile shipped copper products valued at $9.7bn to China in the January-July period, up 18.5pc from $8.2bn exported to the same destination last year. The country also shipped copper products valued at $1.3bn to the US in the January-July period, down from $1.4bn in the same prior-year period, Cochilco noted.
Chile’s copper production increased by 1.4pc in the first seven months of 2020 to 3.29mn mt from 3.24 mn mt produced in the same period of 2019.
Chile’s copper production is expected to reach 5.87mn mt this year, while production for 2021 is expected to rise by 0.7pc to 5.91mn mt compared to 2020, Cochilco indicated. Chile has lowered its price guidance for copper by 45¢/lb to $2.40/lb due to COVID-19’s impact on the national copper industry.
Copper prices reached $3.07/lb on Tuesday, September 8, down by 0.34pc compared to the prior day, according to Cochilco data.