Chile: Copper prices drop to over-six-year low in January
February 1, 2016
Concerns over a slowdown in China—the world’s top consumer of copper—an appreciating U.S. dollar and an increased commodity supply triggered a sell-off in copper and other major commodities. Prices for copper and oil, and also for gold and other raw materials, have seen new lows recently.
In January, copper prices continued to decline and fell to the lowest level since May 2009, averaging USD 2.03 per pound (equivalent to USD 4,483 per tonne). This represented a 3.5% monthly drop from December’s average copper price of USD 2.11 per pound. In annual terms, copper prices fell a steep 23.4% in January (December: -27.9% year-on-year), marking the 18th consecutive fall.