Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Chile’s producer price index for mining (PPI) grew by 33.5pc in February compared to the same month last year, according to the National Institute of Statistics (Ine).


The rise was attributed to increased prices for copper and iron ore during the period. Chile’s PPI for copper and iron ore climbed by 34.7pc and 58.7pc, respectively last month compared to February 2020, Ine indicated in a statement on Wednesday.


Chile’s PPI for manufacturing also increased by 3pc during the period under review, due to higher manufacturing of iron, steel, and aluminum products. The PPI measures the average change in the price of goods and services sold by producers and manufacturers in the market during a given period.


Chile’s copper production fell by 0.7pc to 457,100mt in January, from 460,100mt in January 2020, due to lower production from Los Pelambres, Escondida, and Spence, according to the Chilean Copper Commission (Cochilco).


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, while copper output will reach 6.1mn mt in 2022. Copper prices reached $4.09/lb on Wednesday, down by 0.01pc compared to the prior day, according to Cochilco data. 

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