Trade spats to curb industrial metals demand: BMO
BMO Capital Markets has lowered its demand estimates for next year on the anticipation that higher tariffs and multilateral trade friction could tamp down industrial output.
Copper output in Chile, the world’s largest producer of the metal, edged down in March, data from copper commission Cochilco showed on Friday, as production slid at state-run miner Codelco but rose at other major mines in the country.
Output at Codelco, the top global supplier of the red metal, slid 10.1% to total 107,300 metric tons in March, while at the BHP-controlled Escondida mine, which holds the world’s largest known deposit, output rose 9.7% to reach 101,400 tons.
At the Collahuasi mine, which is jointly run by miners Glencore and Anglo American, the data showed a production jump of 16.1% to total 49,800 tons.
Overall, however, the country’s copper output slipped 0.7% from a year earlier to settle at 433,300 tons, according to Cochilco.
(By Fabian Cambero and Sarah Morland; Editing by David Alire Garcia)
Read More: Copper price touches $10,000 again as Goldman sees ‘stockout’ risk
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