Chile’s copper inventories in warehouses fell by 0.4pc in November 2020 from the previous month, due to higher consumption of finished copper products and industrial products, according to the National Statistical Institute (Ine).
The stocks for manufacturing products and automotive parts also fell by 1pc and 9.5pc, respectively, in November 2020 compared to the previous month, Ine indicated without disclosing the volume or figures from the prior year.
The South American country’s copper production fell by 2.1pc to 493,538mt in November, from 504,349mt produced in the same month in 2019, according to the National Institute of Statistics and Informatics data. Moreover, copper exports fell by 5.3pc to 423,000mt from 446,900mt during the same period under review, the latest figures from the Chilean Copper Commission indicated.
Chile’s copper production is expected to rise by 0.6pc to 5.8mn mt in 2020. Copper prices reached $3.63/lb on Jan 14, up by 0.53pc compared to the prior day, according to Cochilco.