Metals Update: Peru's Copper Production Surges While Zinc Output Also Rises

Metals – Peru copper output rises

Peru’s latest official numbers show that copper output in the nation rose almost 22% year-on-year (+3% month-on-month) for a fourth straight month to 241.8kt in June. It is reported that output gains from mines like Anglo American’s new Quellaveco mine, with output standing at 28.3kt, and MMG's Las Bambas mine, with a production of 26.6kt, contributed to Peru’s overall copper production growth in June. Cumulatively, copper production grew by 17.6% YoY to 1.32mt over the first half of the year. Amongst other metals, zinc production in the nation rose by 31.5% YoY to 134.8kt in June.

Meanwhile, the latest LME COTR report shows that net bullish positions for copper increased by 2,248 lots (after two consecutive weeks of decline) to 53,996 lots as of last Friday. Among other metals, speculators increased their net long positions in zinc by 4,524 lots for a sixth consecutive week to 37,548 lots in the week ending 4 August. In contrast, speculators decreased their net long positions in aluminium by 790 lots to 100,7333 lots as of last Friday.