MercoPress. South Atlantic News Agency

China, second largest copper producer in 2010, ahead of the US and Peru

According to Cochilco, China produced 1.25 million metric tons

Chile’s Copper Commission (Cochilco) has predicted that China became the world’s second largest copper producer in 2010, overtaking the United States and Peru.

According to Cochilco, China produced 197,000 metric tons more than in 2009, reaching a total 2010 production of 1.25 million metric tons. With these figures, China advances over the U.S. (which produced 1.13 million metric tons) and Peru (1.19 million metric tons).

Cochilco expects this trend will continue during 2011, and calculates that the Asian giant will produce 1.42 million metric tons of copper this year.

Chile will nevertheless continue its dominance of the world copper market.

Cochilco expects the Chilean industry to produce 5.84 million metric tons in 2011, accounting for 32% of worldwide production.

“For 2012, the trend of faster growth that started on 2011 is expected to be reinforced,” Cochilco said. “The effects of the economic crisis will be left behind.”

China is currently the biggest copper consumer, a position it is expected to maintain during 2011, when estimated demand will be around 7.9 million tons of refined copper, or almost 40% worldwide consumption of copper.

The price of copper is expected to maintain an upward curve through the end of this year, reaching an average price of US$4.19 per pound. In 2012, prices are expected to drop to US$4.01 per pound, according to Cochilco.

By Ignacio Gallegos – Santiago Times