South America is one of the top ten copper mines in the world.
According to KItco's statistics, the output of the top ten copper mines in the world in 2020 is 50 16 thousand tons, which is 1% lower than that in 20 19. The top ten copper mines are:
Geographically, among the global 10 copper mines, 6 are located in South America, including 4 in Chile and 2 in Peru. In fact, in 20 19, Bambas copper mine in Peru, a subsidiary of Minmetals Resources, ranked eighth in the world with a production capacity of 383,000 tons, and was the only copper mine in China that was selected into the top ten in the world that year. However, due to the road closure in 2020, the transportation of copper mines was blocked and it was withdrawn from the top ten.
In fact, apart from LasBambas, among the top ten copper mines, Antamina and CerroVerde, which are also located in Peru, have reduced their output by 65,438+05.8% and 65,438+08.2% in 2020, so whether the production and transportation channels in South America are smooth or not has a far-reaching impact on the supply of copper mines.
Mining giants monopolized production and generally increased production in the first quarter.
In addition to Chile's national copper company, there are three other companies that almost monopolize the production of the top ten copper mines, namely BHP Billiton, Freeport and Glencore. What's their latest output and output forecast for the first quarter?
BHP Billiton said in the operation announcement of the first three quarters of the latest fiscal year 202 1 (the company's fiscal year is in June) that the copper production guidance target range was raised to153.5-1660,000 tons because Escondida was stronger than expected.
In the latest quarterly report, Freeport said that thanks to the underground operation in the Glasberg mining area, the copper production in the first quarter of 2002/Kloc-0 was 9 1 10,000 pounds, the copper sales was 825 million pounds, and the copper production in 20021was increased from 3.8 billion pounds to 3.85 billion pounds.
In the latest quarterly report, Glencore said that thanks to the increase in South American mineral resources of Collahuasi, Antamina and Antapaccay, the copper output of 202 1.200 tons in the first quarter increased by 3% compared with the first quarter of 2020, and the original production guideline of1.22 million tons was maintained.
From the data of the first quarter, due to the control of the epidemic, Peru's output, which was seriously damaged in the previous period, began to increase. Benefiting from the massive exploitation of key mines, mining giants maintained optimistic production expectations, and two of them raised their annual production targets. When the copper price crossed the $65,438+$00,000 mark, the shortage of copper mines eased from the supply side, except for the fall of the US dollar, and funds flowed into physical assets loosely. Therefore, compared with the shortage of supply side in 2020, we should pay more attention to the actual situation of downstream demand side in 2026, 5438+0.
Overview of CME copper futures and options contracts