Chile: Copper prices continue to ease
December 1, 2012
In November, copper prices fell 4.4% over the previous month to an average of USD 3.50 per pound (equivalent to USD 7,711 per tonne), which followed the 0.3% decrease seen in October. The monthly drop came on the back of persistent uncertainty over the Eurozone crisis resolution and U.S. budget talks. That said, on 30 November, copper prices rallied to USD 3.62 per pound, the highest end of period level since April, amid news of better growth prospects for China, the world's biggest copper consumer. Despite the monthly drop, copper prices rose 1.7% in annual terms, which contrasted the 10.8% drop in the same month last year. The reading added to the 9.0% increase recorded in October.