Chile Copper Output Falls Sharply in May

Chile’s copper production fell 12.9% year-on-year to 423,623 metric tons in May 2026, following a 13.8% decline in the previous month. The Mining Production Index dropped 10.6% year-on-year, driven by weaker activity in metallic mining, which fell 13.0%, mainly due to lower copper extraction and processing. The decline in Chile, the world’s largest copper producer, increased concerns over tightening global copper supply.

Chile’s copper production dropped 13.8% year-on-year to 399,954 metric tons in April 2026, following a 9% decline in the previous month. Output was pressured by a high comparison base and lower ore grades at major producers, weighing on extraction and processing activity. The decline in Chile, the world’s largest copper producer, heightened concerns about tightening global copper supply.

Chile’s copper production dropped 4.8% year over year to 378,554 metric tons in February, marking its lowest level since March 2017. On a rolling 12-month basis, output has now declined for seven consecutive months, largely due to challenges in projects targeting higher-grade ore. Although no major disruptions were reported during the month, seasonal factors such as heavy rains in northern Chile and rough seas can hinder logistics during the summer. Chile’s downturn is significant given its dominant role in global copper supply, amplifying concerns about tightening availability across the market. Those constraints were a key factor behind the surge in prices to record levels in January. Compared to January, February production was down 8.5%.