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

Chile’s copper exports by volume fell by 3.1pc to 1.43mn mt in Q1 2021 from 1.48mn mt in the same quarter of 2020 according to the Chilean Copper Commission (Cochilco).

 

Chile’s exports of the red metal by value climbed by 45.7pc to $11.03bn in the first quarter, from $7.57bn in Q1 2020 on higher copper prices, Cochilco indicated in a statement on May 13.

 

Of the total amount, Chile’s exports to China rose by 64.4pc to $5.78bn in Q1 on an annual basis, exports to the US climbed by 137.1pc to $1.31bn, to Brazil by 84.8pc to $624mn, and to Taiwan by 142.3pc to $491mn in the same period under review. 

 

Copper exports to Japan, however, fell by 15.9pc to $793mn in the first quarter compared to Q1 2020, and shipments to South Korea dropped by 17.8pc to $679mn.

 

The South American country’s copper production declined by 2.1pc in the first quarter to 1.37mn mt, from 1.40mt mt, according to Cochilco. In March, copper production fell by 1.21 to 488,700mt, from 494,700mt produced in the same month the prior year. 

 

Chile, the world’s largest copper producer, has increased its price guidance for copper to $3.30/lb. Copper prices reached $4.632/lb on Friday, May 14, down by 0.40pc compared to the prior day, Cochilco noted. 

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