Copper will have the best performance among metals during 2017, following two years of falling commodity prices, private-run Foreign Trade Society (ComexPeru) projected.
"An important recovery has begun, which allows us to predict a very good year for the performance of this sector [...]; thus, copper is projected as the commodity that will have the best performance in 2017," it underlined.
The business organization went on to add this result would be "largely beneficial" for Peru.
According to the country's Energy and Mines Ministry, 2.15 FMT of copper were extracted in the country between January and November 2016; up by 42% from the same period the year before.
Better than China
The latest results disclosed that copper has achieved an outstanding performance in the Andean nation last year.
Thus, such production level placed Peru —for first time in 2016— as the world's second largest copper producer, ahead of China and behind Chile, which held the first spot.
Price Recovery
Currently, copper price per metric ton (MT) totals US$5500, after having stood below US$5000 per MT for most of 2016, according to the London Metal Exchange (LME).
The increase would be driven by a higher demand from China, the largest copper-importing country.
The Asian Giant accounts for approximately 45% of global demand, according to the International Copper Study Group (ICSG).
Leading copper-producing regions
Peruvian regions —which showed a better performance in terms of copper production— were Arequipa, Ancash, Cusco and Apurimac.
(END) NDP/JHM/MVB