Chile: Copper prices continue to decline in December
January 1, 2014
In December, copper prices rose 2.1% over the previous month to an average of USD 3.28 per pound (equivalent to USD 7,221 per tonne). December's increase contrasted the 1.8% decrease recorded in November.
A year-on-year comparison, however, does not corroborate the improvement suggested by the monthly data. In annual terms, average copper prices dropped 9.2% in December, which was down from the 8.3% drop recorded in November.
The Chilean Copper Commission projects that copper prices will average USD 3.14 per pound in 2014. Consensus Forecast panelists expect copper prices to average USD 3.19 per pound in 2014 before moderating to USD 3.16 per pound in 2015.
Author: Dirina Mançellari, Senior Economist