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Chilean copper shipments in August were $2.
76 billion, down 11%
from July, according to trade data released by the Central Bank of Chile on Monday.
That was the biggest drop since January
.
Although the market focuses more on volume than revenue, as changes in income also reflect price action, the average copper futures in August were slightly higher than in July
.
This suggests that when the statistics agency released the data later this month, the decline in production in August was even greater
.
Chile accounts for a quarter
of global copper production.
To be sure, the country's giant mines are struggling to maintain normal production levels thanks to anti-virus measures, which could make a rebound where prices have already risen to two-year highs more likely
.
Comex's inventories have fallen for 17 straight days, the longest pick-up in more than a year, while lower processing and refining fees suggest miners are struggling to keep up with smelter demand
.
Analysts at Bloomberg Intelligence believe that "the imbalance between the limited supply of copper concentrate overseas and healthy demand from Chinese refiners is likely to persist
in the second half of the year as Covid-19 disrupts the mining industry in South America.
" ”
Chilean copper shipments in August were $2.
76 billion, down 11%
from July, according to trade data released by the Central Bank of Chile on Monday.
That was the biggest drop since January
.
Although the market focuses more on volume than revenue, as changes in income also reflect price action, the average copper futures in August were slightly higher than in July
.
This suggests that when the statistics agency released the data later this month, the decline in production in August was even greater
.
Chile accounts for a quarter
of global copper production.
To be sure, the country's giant mines are struggling to maintain normal production levels thanks to anti-virus measures, which could make a rebound where prices have already risen to two-year highs more likely
.
Comex's inventories have fallen for 17 straight days, the longest pick-up in more than a year, while lower processing and refining fees suggest miners are struggling to keep up with smelter demand
.
Analysts at Bloomberg Intelligence believe that "the imbalance between the limited supply of copper concentrate overseas and healthy demand from Chinese refiners is likely to persist
in the second half of the year as Covid-19 disrupts the mining industry in South America.
" ”
