Chilean copper shipments bounced back in March after disruptions in the first two months of the year in a welcome boost to tightening global supplies of the metal.
Revenue from copper exports out of the top-producing nation surged 33% from the previous month, hitting the highest in more than a year, even as prices retreated slightly on average, according to data released by the central bank Monday.
The numbers suggest production is bouncing back after slumping to a six-year low on water restrictions, a string of operational setbacks and project delays. That would be a relief to London Metal Exchange warehouse stocks that are near the lowest level in 18 years, given that Chile accounts for a quarter of mined copper.
(By James Attwood)
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