Chile Commodities August 2016

Chile

Chile: Copper prices inch down in August

September 1, 2016

Concerns over a slowdown in China—the world’s top copper consumer—a stronger U.S. dollar and oversupply caused a sell-off of copper and other major commodities last year. Prices for copper and several other commodities decreased last year and have remained low in recent months. Since dropping to an over-six-year low in January, copper prices have been somewhat volatile, hovering at low levels.

After rising modestly in July, copper prices resumed their fall and averaged USD 2.15 per pound (equivalent to USD 4,745 per ton) in August. This represented a 2.5% monthly decrease from July’s average price of USD 2.21 per pound. In annual terms, copper prices dropped 7.5% in August (July: -10.8% year-on-year), marking the 25th consecutive fall. August’s decrease mainly came on the back of falling imports of the red metal in China and increasing stocks in warehouses in South Korea and Singapore.

Panelists participating in the LatinFocus Consensus Forecast expect copper prices to average USD 2.17 per pound in 2016 and USD 2.22 per pound in 2017.


Author: Teresa Kersting, Economist

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Chile Commodities August 2016 0

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


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