Copper slips on strong supply outlook

Copper futures fell nearly 1% to around $4.6 per pound on Wednesday, extending losses from the previous session as a stronger supply outlook pressured the market.

Top copper producer Chile expects national output to rise this year and next, aiming for a record 6 million tons by 2027. That projection comes despite ongoing issues at Codelco’s flagship mine and disruptions at Teck Resources’ operations.

Even so, Chilean producers have delivered robust results, with state-owned Codelco reporting July output of 118,500 metric tons, a 6.4% year-on-year increase, while BHP’s Escondida mine produced 114,800 metric tons, up 7.8%.

Meanwhile, China announced a 5% decline in copper production in early September, cutting about 500,000 tons of refined copper from the global market and partially offsetting Chile’s gains.