Copper production at Codelco decreased by 4.4pc to 133,300mt in July from 139,500mt during the same-prior-year period, due to lower output from its El Teniente mine.

 

According to the Chilean Copper Commission (Cochilco) data, the red metal’s production at El Teniente mine reduced by 22.9pc to 30,500mt in July from 39,600mt produced in the same month last year.

 

Lower output from the copper producer’s El Teniente mine was offset by a 7.5pc increase in the Chuquicamata mine’s production to 67,100mt in July from 62,400mt produced in the same month last year. 

 

Codelco’s Andina mine produced 14,300mt up by 1.4pc from 14,100mt produced in July of 2019, while output from the El Salvador mine increased by 17.9pc to 4,600mt from 3,900mt during the same period under comparison.

 

Chile’s copper production is expected to reach 5.87mn mt this year and will rise by 0.7pc to 5.91mn mt in 2021, Cochilco has noted.

 

Chile has lowered its price guidance for copper by 45¢/lb to $2.40/lb due to the pandemic’s impact on the national copper industry. 

Copper prices reached $3/lb on Thursday, September 3, down by 1.58pc compared with the prior day, according to Cochilco.

 

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