Chile Commodities January 2016

Chile

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.

Panelists participating in the LatinFocus Consensus Forecast expect copper prices to average USD 2.19 per pound in 2016 and USD 2.30 per pound in 2017.


Author: Teresa Kersting, Economist

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Chile Commodities January 2016

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


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