Antofagasta expects 2024 copper output at low end of yearly forecast
Antofagasta produced 284,700 metric tons of copper in the first half, down 3.7% from the same period in 2023.
Hopes of a sustained recovery in Chilean copper shipments are fading after the biggest-producing nation saw July exports come in at the lowest level since January.
Revenue from shipments last month slumped 13% from June levels, despite slightly higher prices for the metal. That suggests Chilean operations continue to endure project delays and mine-specific setbacks that have restrained production for the past year and a half.
Weaker supply out of Chile — a country that accounts for a quarter of global production — also helps explain why Chinese inventories are nearing critically low levels.
(By James Attwood)
Comments