Chile Commodities

Chile

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.

The Central Bank expects copper prices to average USD 2.9 per pound in 2015. FocusEconomics Consensus Forecast panelists expect copper prices to average USD 2.73 per pound in 2015, before increasing slightly to USD 2.74 per pound in 2016.


Author: Teresa Kersting, Economist

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Chile Commodities August 2015

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


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