Chile Commodities March 2016

Chile

Chile: Copper price rises somewhat in March

April 1, 2016

Concerns over a slowdown in China—the world’s top consumer of copper—an appreciating U.S. dollar and an increased commodity supply have triggered a sell-off in copper and other major commodities. Prices for copper and oil, and also for gold and other raw materials, have been on a downward trend in recent months. In fact, copper prices dropped to an over-six-year low in January.

However, in February and March prices rose, picking up slightly from January’s low. Copper prices averaged USD 2.25 per pound in March (equivalent to USD 4,956 per ton). This represented a 7.8% monthly increase from February’s average copper price of USD 2.09 per pound. Nevertheless, in annual terms, copper prices fell a steep 16.6% in March (February: -19.7% year-on-year), marking the 20th consecutive fall. March’s monthly price increase was mainly driven by speculation and most likely does not reflect any fundamental change in market developments.

Panelists participating in the LatinFocus Consensus Forecast expect copper prices to average USD 2.13 per pound in 2016 and USD 2.27 per pound in 2017.


Author: Teresa Kersting, Economist

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Chile Commodities March 2016

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


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