The roles of Asia and Chile in the world copper market

Examining the production and consumption for copper between 1985 and 2003, we see two dramatic changes. The first is the rapid growth of consumption in China and other Asian countries, the second the rapid growth of production in Chile. This paper examines these two important developments, which nicely accommodated each other, allowing the global copper market to remain more or less in balance over this period. A better understanding of the forces responsible for both, it is hoped, will allow us to understand better whether they are likely to continue in the future in a manner that provides a rough balance between global consumption and the available production.