Deutsche Bank expects the average price of copper to be $6000 in 2020

[SMM Shanghai Spot Copper] In the early morning session on June 1, suppliers significantly raised their offers, with standard-quality copper quoted at discounts of 60-40 yuan/mt. Prices were then quickly lowered, with some offers falling to discounts of 100-70 yuan/mt.

Chile is the world's largest copper-producing country. Data released on Friday by Chile's National Bureau of Statistics (INE) showed that the country's copper production in April declined 13.8% YoY.According to official data, Chile's copper production in April was 399,954 mt, compared with 464,056 mt in the same period last year. The production decline was mainly attributable to a high base in the same period last year and lower ore grades at major miners.In addition, metal products production fell 15.4% YoY, further dragging down the overall performance of the manufacturing sector.

Codelco, one of the world's largest copper producers, released its earnings report on Friday. Benefiting from stronger copper prices, the company's pre-tax profit reached $825 million in Q1 2026, nearly tripling compared to the same period last year when it stood at $213 million. Codelco stated that the company's total copper production from January to March was 272,000 mt, down 8% compared to the same period last year.Codelco reported its Q1 2026 results. Market conditions for copper and various by-products improved during the quarter, but the company's own production declined.From January to March, the company's own copper mine production reached 272,000 mt of concentrates, down 8.1% compared to the same period in 2025.