Chile: Copper prices continue downward trajectory in August
September 1, 2015
Concerns over a slowdown in China, an appreciating U.S dollar and increased commodity supply triggered a sell-off in major commodities, including copper. Prices for copper and oil, but also for gold and other raw materials have seen fresh lows recently. In August, copper prices fell 6.0% over the previous month to an average of USD 2.33 per pound (equivalent to USD 5,128 per tonne), which represented a third monthly decrease, but was a slightly softer drop than July’s 6.5% contraction.
In annual terms, average copper prices fell 26.8% in August, which followed the slightly milder 23.3% drop recorded in July. August’s result marked the 13th consecutive annual decline and the steepest drop in prices since July 2009.