Chile posted its lowest monthly copper output in six years as the top-producing nation extended a run of unexpectedly weak production figures that have contributed to a tightening of the global market.
The country that accounts for a quarter of the world’s mined copper saw output slump 12% in February from January, its weakest monthly result since early 2017, according to data released Friday by the National Statistics Institute in Santiago.
The agency didn’t give reasons for the poor performance.
Chilean production has been hampered by water restrictions in a prolonged drought as well as a string of operational setbacks and project delays as mines battle deteriorating ore quality. That’s fanning concerns for a looming shortage as demand for the wiring metal takes off in the shift away from fossil fuels.