Copper industry in Chile shows best production growth this year

Chile's copper industry demonstrated its best performance this year in May. According to data from the statistical bureau INE, the country produced 486,574 tons of the red metal. This figure is 9.4% higher than the value for the same period last year. Among companies showing significant efficiency gains are Codelco and Antofagasta Plc.

The current changes in industry were caused by the restoration of mine operations following a series of major production disruptions and declining ore quality. Previously, these factors had led to the worst efficiency indicators in the last 20 years. This information was presented by Bloomberg agency.

The improved situation in copper mining may reduce pressure on London Metal Exchange (LME) trading. Current trading tensions on the platform are related to traders redirecting supplies to the US, shrinking metal inventories, and rising premiums on near-term contracts.