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State-Owned Codelco Report Copper Production Slump

CHILE
  • Codelco’s Q1 copper production and sales plunged as the world’s biggest supplier of the metal struggles to recover from a dip in ore quality and setbacks at its mines and projects in Chile. The company’s output is near the lowest level in a quarter of a century, underscoring the copper industry’s battle to maintain output as new deposits become trickier and pricier to develop.
  • News is exacerbating concerns over an imminent shortage as demand for the red metal takes off in the shift away from fossil fuels.
  • “It’s a complex transition time, between deposits that are running out and projects that will come into operation,” Chief Executive Office Andre Sougarret said in a statement Tuesday. “But that will leave Codelco prepared for the next 50 years.” (BBG)
  • The Chilean peso has underperformed in recent sessions, with USDCLP grinding back above the 800 handle and closing at 8.10 on Tuesday. Medium term technical parameters are well established. A stronger resumption of gains would refocus attention on key short-term resistance at 837.15, the Mar 17 high. A break of this level would be a bullish development. On the downside, the key bear trigger is unchanged and lies at 776.28, the Feb 3 low.
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