According to foreign media reports on February 14, Peru's Ministry of Mines stated on Friday that the country's copper production in 2024 decreased by 0.7% to 2,736,150 mt. This marks the first annual decline in copper output after four consecutive years of rebound. Previously, market participants had expected Peru's copper production in 2024 to remain roughly flat at around 2.8 million mt, mainly due to declining ore grades and a lack of new projects (Webstock Inc.).