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Chile, the world’s main copper producing country, said Monday output is likely to reach a record high this year as BHP Billiton (ASX, NYSE:BHP) ramps up supply and state-owned Codelco starts a new mine in the Atacama Desert. Based on the report published by the Chilean Copper Commission (Cochilco), the South American nation expects to generate 5.59 million tons of red metal this year, up 3% from 2012 levels. The country also forecasts world copper supply exceeding demand by 56,000 tons this year and 68,000 tons in 2014. BHP is increasing production at its Escondida mine, in Chile’s arid north, over 20%, while State’s owned Codelco is aiming to lift output to 1.7 million tons with activity starting at its Ministro Hales mine, reports Diario Financiero (in Spanish).

The Chilean Copper Commission, Cochilco, sees copper output increasing by over 3% this year, with demand driven by India and China.

Chile's state copper think tank, Cochilco, on Wednesday raised its 2009 average copper price outlook to $2.30 per lb from $1.95, but slightly trimmed its 2009 copper output forecast to 5.38 million tonnes. The think tank also raised its copper price forecast for 2010 to an average of $2.70 per lb from $2.10 per lb, citing dynamic Chinese demand and expectations of a recovery of developed economies from global crisis.

Cochilco reported a total of 340,543 tonnes of concentrates negotiated via export agreement contracts, in which Asia accounted for 259,395 tonnes. South America and other countries acquired 35,648 tonnes in the period; traders 35,500 tonnes and European countries 10,000 tonnes.

Chilean copper cathode export agreements negotiated with Asia rose four-fold in August, compared with the month before, according to the Chilean Copper Commission (Cochilco).