Chile Commodities February 2017

Chile

Chile: Copper price continues its ascent in February

March 1, 2017

Copper prices rose slightly in February, building on the modest price increase seen in the previous month. Copper prices averaged USD 2.69 per pound (equivalent to USD 5,941 per ton) in February, representing a 3.4% monthly increase from January’s average price of USD 2.61 per pound. In annual terms, copper prices increased 29.2% in February, up from January’s 28.1% rise.

The increase in prices last month was largely supply-driven. Strike action due to a dispute over pay and conditions at Chile’s Escondida copper mine, the world’s largest, was at the heart of supply troubles in February. This was coupled with continuing disruption at the Grasberg Mine in Indonesia after the local government’s mining regulation shake-up halted copper exports.

Panelists participating in the LatinFocus Consensus Forecast expect copper prices to average USD 2.36 per pound in 2017 and USD 2.33 per pound in 2018.


Author:, Economist

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Chile Commodities February 2017

Note: Cash seller and settlement price.
Source: Thomson Reuters


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