Charted: Copper vs. Oil Demand (1970-2040)
In 2021, Goldman Sachs declared copper “the new oil.”
Peru’s copper production in October fell 1.4% compared to the same month last year due to less output from two of the country’s largest mines, official data showed on Friday.
October copper production totaled 236,797 metric tons.
The Andean country is the world’s No. 3 supplier of the key industrial metal.
The data, from the Energy and Mining Ministry, showed that copper production from the Cerro Verde mine controlled by Freeport-McMoRan, and the Antamina mine run jointly by Glencore and BHP, fell in the month by 6.6% and 22.2%, respectively.
During the first 10 months of the year, national copper production totaled 2.23 million tons, down 0.7% compared to the same 10-month period last year.
The government forecasts that 2024 copper output will total 2.8 million tons, up slightly from the 2.76 million tons mined last year.
(By Marco Aquino; Editing by Brendan O’Boyle)
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