Mixed fortunes for Peru February metals exports

Peru's copper and lead export revenue rebounded in February as rising shipments from new mines and expansions offset slumping prices, while exports of half-a-dozen other metals fell, the government said.

Total metals export revenue dropped 6% to US$1.37bn as total exports fell 9.3% to US$2.38bn, the central bank said in a statement. Peru's trade deficit widened to US$188mn from a US$136mn deficit a year earlier as imports totaled US$2.57bn.

Copper sales, the country's biggest export earner, climbed 0.4% to US$590mn as a 40% increase in shipments to 160,500t of copper was largely offset by a drop in prices to US$1.67/lb from US$2.32/lb a year earlier, the bank said. Both Chinalco and Hudbay Minerals ramped up output at their Peruvian copper mines, while and Freeport-McMoRan and China Minmetals brought online projects

Lead exports gained 22% to US$161mn as shipments rose 26.5% to 97,900t, countering a 3.6% drop in prices, the bank said.

Gold exports fell 7.4% to US$472mn as prices slid 2.2% to US$1,200/oz from US$1,227/oz and shipments declined 5.3% to 393,200oz from 415,000oz a year earlier, the bank said.

Silver exports dropped 15.4% to US$9mn as shipments fell 7.3% to 600,000oz and prices declined 8.7%, while zinc fell 30% to US$88mn as shipments fell 10% to 85,000t, according to the bank.

Tin plunged 41% to US$19mn as shipments from Minsur's San Rafael mine dropped 23% to 1,300t and prices also declined 23%. Molybdenum exports plummeted 47% to US$11mn as prices dropped 45% and shipments were little changed at 1,300t, the bank said.

Iron ore exports dropped by half to US$17mn as prices fell 30.6% and shipments from Shougang's Hierro Perú mine sagged 30.3% to 700,000t.

Phosphate exports fell 6.7% to US$31mn, while steel and refined metals dropped 19% to US$77mn, the bank said.

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