Chile Copper Association: The World Will Have A Deficit Of 104,000 Tons Of Refined Copper in 2022

The world refined copper market is expected to fall short by 104,000 tonnes in 2022, putting downward pressure on stocks on global metals exchanges, according to a report by Chile's copper industry council (Cochilco). The committee expects a surplus of 329,000 tons in 2023.

The commission expects Chilean copper production to reach 5.78 million tons in 2022, up 2.6 percent year on year.

Cochilco said production was down at some Chilean mines because of water problems and lower ore grades. Some investment projects have been delayed or disrupted, but performance should improve in the second half of the year. In addition, PRODUCTION at BHP's Escondida copper mine in Chile will start to rebound after a run of declines since mid-2020.