Chile: Copper prices ease in April
May 1, 2011
In April, copper prices eased a marginal 0.3% over the previous month, to finish at USD 9,371 per tonne (equivalent to USD 4.25 per pound), which marked the second consecutive monthly drop and saw prices remaining below the USD 9,858 per tonne peak recorded in February, the highest end-of-month on record. Despite the price drop, copper prices remain elevated and are 27.2% higher than in the same month last year. Prices are expected to remain high, as China's copper demand strengthens throughout the year. High prices for copper, which accounts for half of the country's total exports, saw exports expand 31.5% year-on-year in March and had export revenues soaring. The 3-month sum in exports reached USD 20.0 billion in March, which exceeded the USD 19.7 billion peak recorded in May 2008 for the fourth consecutive month.