Chile's National Copper Corporation (Codelco), the world’s largest copper producer, said on November 30 that the company’s copper production showed a slight increase from January to September this year, despite the apparent decline in copper prices. The company's chief executive said that if the price of copper prices declines in the future, the company may have to choose to cut production. If the industry giants do not plan to cut production significantly, this may further suppress copper prices.
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The data show that since the beginning of this year, the three-month copper price of LME has fallen by a significant 26.9%. The Codelco data shows that the group produced 1.26 million tons of copper from January to September this year, an increase of 2.3% over the same period of last year. However, due to the decline in copper prices, the company’s profit before tax for the first three quarters of this year decreased by nearly half to US$1.2 billion in the same period last year.
However, market analysts emphasized that Codelco’s production and performance data have not yet been included in October and November. Due to the appreciation of the US dollar and continued weakness in emerging market demand, factors such as copper’s decline have become more pronounced and have continued to refresh over the past six years. Low point. And from the current situation, the possibility of a rapid recovery of copper prices is minimal, which prompted many miners to announce a temporary suspension of production, but most of them are concentrated in small and medium sized miners.