HSBC-Chile Copper Monitor November copper output：…and the decline continues-20260105

Chile’s copper output fell 7.2% y-o-y in November; it was down1.2% on a y-o-y basis during the first 11 months of 2025

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Chile’s copper production declined 7.2% y-o-y in November: According to datareleased by Chile’s National Statistics Institute (INE), copper production declined by 7.2%y-o-y to 452kt in November (vs 487kt in November 2024). On a m-o-m basis, copperproduction declined by 1.4%, after posting broadly flat output during the month of October.On a per-day basis, Chile’s average copper output was 15.1ktpd in November, a rise ofc1.9% vs October. For the first 11 months of 2025, production declined by 1.2% vs thecorresponding period in 2024.