Codelco’s Copper Production Fell 10.4% YoY In The First Quarter, Optimism Over Recovering Chinese Demand Boosted Copper Prices, But Recession Fears Capped Gains

The world's largest copper producer - Chile's National Copper Company (Codelco) said in its quarterly financial report that pre-tax profits in the first three months of this year fell by 73%, mainly due to falling prices and sales.

The company produced 326,000 mt of copper in the first quarter, down 10.4% from the same period last year.

Compared with the same period last year, the average selling price of copper in the first quarter decreased by 9.4%, and the sales volume decreased by about 1.7%.

The company had forecast in March that copper would sell for an average of $3.5-4.4 a pound in 2023.

Copper, often seen as a bellwether for the global economy, was boosted by optimism about a recovery in Chinese demand, but recession fears capped gains.