Chile: Copper prices continue to fall in February
March 3, 2014
In February, copper prices fell 2.0% over the previous month to an average of USD 3.24 per pound (equivalent to USD 7,149 per tonne). February's decrease contrasted the 1.0% increase recorded in January.
A year-on-year comparison corroborates the deterioration suggested by the monthly data. In annual terms, average copper prices fell 11.3% in February, which followed the 9.3% decrease recorded in January. The Chilean Copper Commission (Cochilco) expects that Chile will produce 6 million tonnes of copper in 2014 and 6.2 million tonnes in 2015.
Cochilco projects that copper prices will average USD 3.15 per pound in 2014 before moderating to USD 3.00 per pound in 2015. FocusEconomics 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