Chile, the world's leading copper producer, reported a significant downturn in its copper production growth for June 2024. According to the latest data updated on 31 July 2024, the copper production index took a nosedive, stopping at -1.2%. This is a stark contrast to the previous month when the index recorded an 8.1% growth in May 2024.
The current indicator reflects a year-over-year comparison, where the actual change for June 2024 is compared to June 2023. Similarly, the previous indicator compared May 2024 to May 2023. The abrupt shift from robust growth to a negative output could have far-reaching implications for the global copper market, as well as Chile's economy.
This downturn in copper production comes at a critical juncture when the demand for copper, particularly in renewable energy and electric vehicle industries, is surging. How Chile navigates this production slump will be closely monitored by industry stakeholders and economists alike.
