Feb 23, 2021
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Chiles copper exports increase 42% in February
(Bloomberg) – After spooking the copper market with a drop in shipments in January, output from the world’s leading producer rebounded last month.
Chile posted a 42% increase in copper export earnings in February compared to January, according to data released Monday by the central bank. While some of that gain is due to higher prices (futures averaged 6% higher), most of it is based on volume.
January is usually a slow month for Chilean copper exports. This year, the drop was compounded by storm surges that disrupted port operations and delayed shipments. The delay translated into February revenue of nearly $ 3.9 billion, which is the best month since December 2017 and represented the largest increase in seven years.
So much Chilean copper en route to China is good news for smelters that were grappling with low stocks of semi-processed material, and may indicate that the shortage that helped fuel the metal’s recovery may be waning. Futures are down 6% since reaching their highest level in nearly a decade last month.
About a quarter of the world’s copper supply comes from Chilean mines, which generate about half of the country’s exports.
Original Note: Copper Exports From Top Shipper Chile Jump Most in Seven Years
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