Chile’s copper inventories in warehouses decreased by 3.6pc in May, compared with the same month last year, amid increasing shipments of finished copper products during the month.
Copper inventories in warehouses also fell by 1.8pc in May compared with April, the National Statistical Institute (Ine) said without disclosing the volume.
On the other hand, inventories in warehouses of manufacturing products and automotive parts increased by 5.6pc and 1.3pc, respectively, in May from the same month last year, due to lower demand, Ine added.
Copper prices reached $2.95/lb on Wednesday, July 15, up by 0.27pc compared to the prior day, according to data from Chilean Copper Commission (Cochilco).
Chile’s copper output increased by 0.96pc to 492,500mt in May this year, from 487,800mt produced in the same month the prior year. The country’s copper production could reach 5.87mn mt this year, while production for 2021 is projected to rise by 0.7pc to 5.91mn mt compared to 2020, Cochilco has indicated.
Chile has lowered its price guidance for copper by 45¢/lb to $2.40/lb due to COVID-19’s impact on the national copper industry.