Chilean Copper Exports Surge Despite Price Drops in July

Chile’s copper exports rebounded last month, defying lower prices, indicating that mines in the world’s top copper supplier are recovering from operational disruptions that hampered production earlier this year, Bloomberg reports.

The exports reportedly increased by 1.5% in July compared to June and surged by 31% year-on-year, according to data released by the central bank on Wednesday. This positive trend suggests a recovery in copper production despite lower average prices compared to the previous month.

The rise in exports is particularly significant given that Chile, the world’s top copper producer, experienced a decline in output to 20-year lows in recent months due to challenges faced by major companies like Codelco, including low ore quality and operational difficulties.

However, government estimates predict that substantial investments in accessing richer ore deposits will lead to an increase in copper production this year.