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Value of the graphite, lithium, nickel, cobalt and magnesium contained in EV batteries is up 38% from the lows struck in January.
Copper miners in Chile are considering cutting production amid strict measures to contain the spread of the new coronavirus, an association of companies in the sector has told Reuters.
A report by the National Mining Society (Sonami), which represents all miners of the red metal across Chile, the world’s largest producer, said the realities of coronavirus were forcing the companies it represented to weigh tough decisions.
“Over the days, we have seen miners go from providing information about the disease and taking preventive measures to halting projects already underway,” the association said in a statement sent to Reuters. “A decrease in production is already being contemplated in some companies.”
Meanwhile, Chile’s Cochilco copper commission on Friday revised its prediction for the 2020 copper price down 45 cents to $2.4 per pound.
Cochilco’s estimate came amid a significant downturn in demand principally from Chile’s main copper buyer China amid a global outbreak of the new coronavirus.
Cochilco’s previous estimate of $2.85 was in January.
By 2021, it expects the metal to average around $ 2.90 per pound, lower than the $ 2.95 forecast earlier this year.
(By Fabian Cambero and Aislinn Laing; Editing by Chizu Nomiyama)
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