The copper market may be beginning to stabilise, suggested Iván Arriagada, the chief executive of mining titan Antofagasta PLC (LON:ANTO) as it posted first quarter numbers.
However, he added that price growth for the red metal was likely to "remain subdued" in the short term.
The group saw output of 157,100 metric tons of copper in the three months to end March, which was a 7.3% increase from the same quarter a year ago .
This was down to last year's purchase of a 50% stake in the Zaldívar mine and the ramp up of the new Antucoya mine, which offset lower production at Centinela Cathodes and the permanent shutdown of the Michilla mine, all of which are in Chile.
Gold generation though fell 1.2% to 56,700 ounces in the first quarter while moly production dropped 19% to 1,700 tons during the same period due to lower grades.
Shares in ANTO nudged 0.28% higher in London to 472.3p.