CHILE

Chile leads the league of copperproducing countries , despite just recording its lowest January output since 2011 , with production dropping 15 % from December , and its copper export revenue being $ 3.836bn in February , down 9.2 % year-on-year . Its largest mines include Escondida , Collahuasi , El Teniente , Chuquicamata and Los Pelambres .

The downward pressures provide little respite to a market grappling with low stockpiles and high prices . Chile ’ s economy is strongly dependent on the price of copper , which hit record highs in 2021 but is expected to come down in 2022 . High demand for consumer goods is expected to cool considerably , especially in the face of rising inflation – which could send Chile into recession in the second half of the year .