Codelco, the world’s biggest copper supplier, says physical demand for the metal has remained strong amid all the upheaval in financial markets triggered by US President Donald Trump’s trade war.

If anything, Chinese demand has increased in the past week, while US demand has held firm, chairman Maximo Pacheco said in an interview Monday. That’s as copper futures in New York tumbled almost 20% from a late-March record after a raft of tariffs eroded the global economic outlook.

Pacheco declined to give price estimates or comment further on the global rout’s immediate implications for copper, limiting himself to saying that current prices of around $4.20 a pound don’t reflect the metal’s positive outlook as a key material for de-carbonisation and data rooms.

“The fundamentals haven’t changed at all,” said Pacheco, who just returned from a trip to India where he sees plenty of demand potential. “So is Codelco changing its plans in light of what’s happening? No, not at all.”

Codelco will plow ahead with investments of as much as $5.6-billion this year on projects to overhaul its aging operations after decades of underinvestment. Those projects are starting to come on line, with a slight recovery in production that began last year set to continue in 2025 en route to a return to pre-pandemic levels of output by the end of the decade.

Production last quarter probably came in slightly above the same period last year despite maintenance work at its El Teniente mine, and the company hopes for another year-on year gain this quarter, Pacheco said.

The state copper company is also moving forward with its foray into lithium. Pacheco expects to finalize a deal with SQM in the third quarter of this year, turning it into one of the world’s biggest producers of the battery metal. It’s also in the final stages of choosing a partner for its Maricunga lithium project.

That follows the recent purchase of a stake in Teck Resources’ Quebrada Blanca mine and an operational tie-up between its Andina operation and an adjacent mine operated by Anglo American.

Amid the market turbulence, Codelco will focus on keeping its client list diversified and ensuring it has the flexibility to benefit from opportunities when they arise, Pacheco said.

Besides the mine upgrades, it will also look to keep costs in check and collaborate with other companies in areas including water and energy. “We have to concentrate on being competitive,” he said.