Chile exported 930,070mt of copper ores in May, down by 4.8pc from a year ago amid global demand disruptions caused by COVID-19.
With a drop in the country’s copper ore exports, Chile’s copper production rose by 0.96pc to 492,500mt in May from a year ago. Bookings from China constituted 68pc of copper exports from Chile, which were 629,076mt, up by 19.5pc from a year ago amid increased buying as the country recovered from the industrial impact of COVID-19. Chile also exported 92,515mt of copper ores to Japan, down by 61pc fro a year ago as Japan’s copper industry reeled under extended shutdowns. Exports to South Korea dropped marginally by 4pc to 77,558mt in May, from a year ago.
A drop in supply of copper ores from Chile is expected amid increasing number of COVID-19 positive cases at the country’s top miners such as Codelco, leading to a spike in the official LME copper contract over the last month.