On June 30 (Monday), Chile's copper production in May reached its highest level of the year, somewhat alleviating the supply tightness in the global copper market.
According to the National Institute of Statistics (INE), Chile's copper production in May was 486,574 mt, a 9.4% increase year-on-year.
The country is the world's largest copper producer, accounting for about a quarter of global copper ore production.
Previous operational restrictions and a decline in ore grades had led Chile's copper production to fall to a 20-year low. The rebound in May's production may help ease the inventory tightness at the London Metal Exchange (LME).
Mining companies such as Codelco and Antofagasta Plc are seeking to increase production.
