Chile’s copper production dropped 4.8% year over year to 378,554 metric tons in February, marking its lowest level since March 2017. On a rolling 12-month basis, output has now declined for seven consecutive months, largely due to challenges in projects targeting higher-grade ore. Although no major disruptions were reported during the month, seasonal factors such as heavy rains in northern Chile and rough seas can hinder logistics during the summer. Chile’s downturn is significant given its dominant role in global copper supply, amplifying concerns about tightening availability across the market. Those constraints were a key factor behind the surge in prices to record levels in January. Compared to January, February production was down 8.5%.
