The National Statistical Institute of Chile, which is the world's leading producer of copper, announced earlier this week that in December 2021 the country produced just under 504,000 tons of this metal.
"This is the largest number in the last 12 months. Nevertheless, the increase in production in December could not prevent a decrease of 1.9% in copper production for the whole of 2021, which amounted to 5.68 million tons," Daniel Briesemann, an analyst at Commerzbank, said quoted by lantenne.com.
According to the estimates of the Chilean mining company Codelco, in 2022-2023, global copper production will increase at a faster pace than demand growth.
"The supply situation, which should improve in any case, in our opinion, should prevent a sharp rise in copper prices," the Commerzbank analyst said.
Copper is an industrial component used in electrical cables, from real estate to electronics, the demand for which depends on the state of the industry and global growth.
Alex Shishlo for Rough&Polished
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