Mexico's mining-metallurgical production dips in October

Mexico's mining-metallurgical production fell 4.4% year-on-year between January and October, dragged down by a 25% drop in copper output, according to a monthly report by statistics institute Inegi.

In October, however, copper production grew 1.4% year-on-year to 43,654t.

The copper production drop comes even though the price increased 11.8% from Jan 1 to October 31.

Copper futures rose to US$4.06/lb, rebounding from a three-month low of US$4.02/lb, helped by a slight pullback from the dollar as markets assessed the outlook for Chinese industrial demand, according to Trading Economics.

Zinc production in the first 10 months of the year rose 29.6%, followed by lead (9.7%), silver (7.1%) and gold (2%).

In October, zinc production was up 65.1% year-on-year to 31,096t. Zacatecas was the main producing state during the latter period, accounting for 30,104t.

The zinc price has risen since the start of the year, according to trading on a contract for difference (CFD) that tracks the benchmark market for the commodity, according to Trading Economics.