Chile copper production increased in April by 3.5pc to 474,880mt from 458,600mt a year ago, according to the latest figures from the National Statistical Institute (Ine).
Through the first four months of 2020, copper production rose by 3.89pc to 1.87mn mt from 1.80mn mt during the same fourth-month period last year.
Chile’s copper industry has maintained operations, albeit at reduced capacity, despite the COVID-19 pandemic, which has affected the country’s economy and caused the closures of other non-essential businesses. Chile has more than 105,000 confirmed infections, according to official figures on June 2.
Chilean mining production decreased by 0.5pc in April 2020 from the same month last year, while manufacturing production also declined by 5.9pc during the same period, according to Ine.
Chile’s copper industry could reduce its production of the red metal by 200,000mt this year because of the pandemic. The country’s copper output is expected to reach 5.87mn mt this year, while production next year is expected to increased on an annual basis by 0.7pc to 5.91mn, according to the latest data released by the Chilean Copper Commission (Cochilco).
The South American country 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.
Copper prices reached $2.47/lb on June 2, increasing by 1.61pc from a day earlier, according Cochilco.