High prices drive surge in Peruvian copper exports

Copper exports from Peru, the world's second largest producer, grew 47.5% year-on-year in November, driven by higher prices, although production of the red metal fell 5.6% to 195,115t in the month.

Exports of the metal totaled US$2.10bn during November compared with US$1.42bn in November 2020. The increase was largely due to a 37.1% rise in prices over the period, while physical exports were up 7.6% year-on-year.

Between January and November, copper production rose 8% year-on-year to 2.08Mt, still well below the target of 2.5Mt tons projected for 2021, considering the start of operations of Mina Justa owned by Marcobre.

Output was influenced by social conflicts, especially at Las Bambas, the fourth largest copper producing mine in Peru, operated by MMG, which saw its operations paralyzed due to roadblocks organized by communities in Chumbivilcas province.

Peru's total mineral exports amounted to US$3.78bn during November, up 37.4% year-on-year, according to mining and energy association SNMPE.

Gold exports reached US$896mn, which was 13.1% growth compared with November 2020, with the volume of foreign shipments climbing 15.8% and prices 2.3% lower.