The copper supply and stockpile crisis is likely to be prolonged in line with global market demand. The world's top producers are increasing production capacity to overcome the crisis. In the first quarter of this year, global copper production increased by 3.7 percent compared to the same period last year. This information has come up in the latest report published by the International Copper Study Group (ISG).

According to the report, the Corona epidemic has caused stagnation in copper production in the country. Production tends to decrease. However, in June last year, as the lockdown situation in various countries eased, copper production began to pick up. Due to the adoption of strict health care policies in the mines, the production tends to go up.

Peru is currently the second largest producer of copper in the world. The Latin American country increased its production of the practical metal by 3 percent in the first three months of the year. In this case, the production in March increased by 16 percent compared to the same month last year. However, compared to the first quarter of 2019, the lift has decreased by 10 percent.

Chile is the world's largest producer of copper. The country undertook several new projects to strengthen the copper sector. As a result, the country's production is getting stronger. However, the country's production was severely disrupted in the first quarter of this year due to labor strikes. During this time, copper production in Chile fell by 2 percent compared to the same period last year.

Sunbd/NJ