Copper prices rose marginally in June, up 0.8% over May to reach USD 9,301 per tonne (equivalent to USD 4.22 per pound), after prices had moderated for three consecutive months. Despite the June price increase, copper prices remain well below the USD 9,858 per tonne peak recorded in February, which had marked the highest end-of-month level on record. In annual terms, copper prices are up 42.8% higher than in the same month last year. Prices are expected to remain elevated throughout the year, as Chinese copper demand strengthens and supply remains a concern. On 11 July, labour unions called for a 24-hour strike to protest against the restructuring of the state mine. The strike is expected to affect all six Codelco's mines plus a refinery. In addition, on 5 July, the Collahuasi mine operator announced that adverse weather conditions had disrupted output without giving details; however, unions calculated a 30%-40% loss in output. These events are likely to stoke supply concerns, exerting further upward pressure on copper prices. On the other hand, Xstrata Plc, one of the Collahuasi mine owners announced on 1 July that copper production will increase in the second half of the year to meet its annual output target, as the mine prepares to reopen its port in northern Chile after an incident forced its closure in December last year.
Copper prices inch up in June
July 1, 2011
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Chile Economic News
October 12, 2016
In September, the Adimark GfK consumer confidence index (IPEC, Índice de Percepción de la Economía) rose slightly, inching up from August’s record-low of 31.5 points to 33.4 points.
October 7, 2016
In September, consumer prices rose 0.2% over the previous month, which came in above August’s flat reading.
October 6, 2016
In Q3, the mood among Chilean businesses improved and reached the highest level in a year.
October 5, 2016
In August, economic activity rose 2.5% over the same month last year, according to the monthly indicator for economic activity (IMACEC).
October 5, 2016
The Chilean government presented the most austere budget proposal in over a decade on 30 September.