Chile’s copper inventories dropped by 0.5pc in December 2020 compared to the previous month, according to the National Statistical Institute (INE).
The institute cited higher consumption of finished copper products and industrial products during the month under review for the stock declines. Inventories in warehouses of manufacturing products and automotive parts declined by 4.4pc and 3.6pc, respectively, in December 2020 compared to the previous month, INE indicated without disclosing the volume or figures from the prior year.
Chile, the world’s largest copper producer, has increased its price guidance for copper to $3.30/lb. The South American country’s copper production is also expected to increase by 3.6pc to 6mn mt this year, and rise further to 6.1mn mt in 2022, according to the Chilean Copper Commission (Cochilco).
Copper prices reached $3.81/lb on Monday, February 15, up by 1.77pc compared to the prior day, according to Cochilco data.