The global copper market is seeing positive supply signals as Chile’s Codelco, the world’s largest copper producer, shows signs of reversing its production decline.
Investors are responding favorably, with Codelco’s bonds outperforming both Chilean companies and global miners over the past month. Chile posted record copper export revenue in January, indicating improved market conditions and production recovery.
After hitting a 25-year low in 2023, Codelco’s output is finally turning around under CEO Ruben Alvarado’s leadership, with delayed projects coming online that will tap richer ore deposits in aging mines—a critical development for global copper supply.