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Peru Copper Exports Plummet 20% Even as Production Rises

  • Economy is recovering from worst social unrest in decades
  • Failure to ship metal contributes to tight global supply
An employee seals and packages copper plates at a copper refinery in Ilo, Peru.

An employee seals and packages copper plates at a copper refinery in Ilo, Peru.

Photographer: Dado Galdieri/Bloomberg

Peruvian copper exports fell 20% in the first two months of the year as production climbed, leaving miners with mounting inventory and contributing to tight global supplies. 

The world’s No. 2 copper producer is recovering from its worst social unrest in decades, which triggered consecutive economic contractions in January and February. Meanwhile, copper production rose by 5% in the same period.