2013 a Boom Year for Chilean Copper

This past Tuesday, the Chilean Copper Commission projected that its copper production for 2013 would reach 5.7 million tons, higher than the previous 5.53 million projection and 4.9 percent higher than the total for 2012.

According to the the Chilean Mining Minister, Hernan de Solminihac, and Cochilco Vice President, Andres MacLean, Chile’s forecasted copper production for 2014 should reach approximately 5.93 million tons, a further increase of 4 percent.

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The average price of copper has increased to $3.32 per pound from $3.27 during 2013, but the commission projects a decrease to $3.15 in 2014. This is dependent on “a series of factors such as the size of the surplus in the copper market, the stability of China’s economy and signs that the euro zone is coming out of a recession,” de Solminihac said.

Source: Business Standard.