Codelco Anticipates Boosted Copper Demand in China and the U.S.
The output during the month recorded significant jump by 22% to total 105,000 metric tons.
SEATTLE (Scrap Monster): The chairman of Chile's state-owned Codelco, Maximo Pacheco, said the company sees a robust copper market in Asia, particularly in China, as well as in the US and Brazil. Despite market volatility worldwide due to escalating geopolitical tensions, demand for the red metals is still high in certain locations. The remarks were given at the annual shareholders' meeting that was just completed.
According to Pacheco, the Trump administration's uncertainty surrounding U.S. tariffs has led to an increase in copper shipments to the United States. Additionally, he anticipates a rise in China's demand for copper in the second quarter of this year.
The business has also been advocating for the building of a new copper smelter in Chile. Additionally, it has offered to enter into a multi-year contract with the smelter to deliver 1.2 million tons of copper annually.
Compared to the previous year, Codelco's copper output increased significantly in April of this year. The month's output saw a notable 22% increase, reaching 105,000 metric tons.
In 2024, Codelco's output increased again. With 1.44 million tonnes of copper produced in 2024—slightly more than BHP's 1.43 million tonnes—it regained its title as the top producer of copper in the world. Additionally, the corporation plans to boost output in 2025.