Chile’s mined copper production stood at 2.79mn mt H1 2021, a 1.2pc decrease from 2.83mn mt during the same period in 2020, according to the country’s Governmental Commission on Copper (Cochilco’s) weekly report. Refined output of the red metal decreased 7pc to 1.09mn mt from 1.18mn mt during the same timeframe under review.
The agency stated that Aug 19 copper prices fell below $400 per pound, the lowest level since April this year following a continuous rise in the US dollar.
Cochilco has also cited subdued industrial production in China, retail sales growth slowdown, and an increase in cases of the COVID-19 Delta variant in China, Europe, Japan, and the US as factors pushing prices lower. Moreover, even as current labor conflicts across Peru and Chile’s copper mines prevail and are likely to lead to a supply crunch, there appears to be no upward movement, according to the commission.