HSBC-Chile Copper Monitor October copper output：Declining output continues-20251201
这篇研报讲什么？
摘要原文摘录Chile’s copper output fell 7.0% y-o-y in October; y-t-d output isdown 0.5% on a y-o-y basis
机构观点归属HSBC，研报雷达仅作摘要整理与机构观点聚合。以下为研报摘要原文摘录，内容以原始报告为准。
研报摘要
Chile’s copper output fell 7.0% y-o-y in October; y-t-d output isdown 0.5% on a y-o-y basis
Cochilco raised its 2025 and 2026 average price forecast;Codelco lowers 2025 production guidance
With a deficit forecast for 2025-26, the market should remaintight in the medium term before heading into a structural deficit
Chile’s copper production declined 7.0% y-o-y in October: According to Chile’sNational Statistics Institute (INE), copper production fell 7.0% y-o-y to 458kt inOctober. INE attributed the decrease to lower output from the El Teniente mine andlower metal recovery from the Collahuasi mine. On a m-o-m basis, copper productionremained broadly flat after posting a 7.8% increase in September. On a per-daybasis, Chile’s average copper output was 14.8ktpd in October, down c2.9% vsSeptember. For the first 10 months of 2025, production declined by 0.5%.
同公司研报
继续比较不同机构对同一公司的判断。
同行业近期研报
从单家公司继续回到行业研究。