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Global copper goliath Chile says Chinese demand for the metal is holding up despite a slowing of China’s economic growth, signaling a continuation of market dynamics that have driven consumption for over a decade.
“We have not seen a relevant decrease with respects to the Chinese market,” Chile’s deputy mining minister, Pablo Wagner, said by telephone from Santiago.
Mr. Wagner pointed to forecasts for a rise in overall copper exports in 2012 of between 5 per cent and 6 per cent over the year-earlier period. “Signs of demand, shipments and inventories, continue to be solid.”
Chile exports about 53 per cent of its copper to China, giving it one of the clearest insights into the demand patterns of the giant Asian economy that has devoured the red metal as it fuels booming economic growth and urbanization. Chile is also home to the world’s largest copper company, state miner Codelco, which is a key business partner of China.