Chile Commodities July 2017

Chile

Chile: Copper prices gain further ground in July

August 3, 2017

Copper prices rose for the second consecutive month in July and are now up substantially since the start of the year. Copper prices averaged USD 2.71 per pound (equivalent to USD 5,985 per ton) in July, up 4.6% from June’s average price of USD 2.59 per pound. In annual terms, copper prices increased 23.0% in July.

Last month’s rise in prices was underpinned by encouraging signs from China, the world’s number one consumer of the red metal, after news surfaced that the government was considering a ban on imports of scrap. This could boost demand for other forms of copper, such as copper concentrate or refined metal. In addition, there were temporary supply disruptions in Chile and Canada due to poor weather delaying shipments, while strike action at Indonesia’s Grasberg mine rumbled on into a fourth month, further stoking supply concerns.

Panelists participating in the LatinFocus Consensus Forecast expect copper prices to average USD 2.58 per pound in 2017 and USD 2.64 per pound in 2018.


Author:, Economist

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Chile Commodities August 2017 0

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


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