Chile: Copper prices lose further ground in May
June 5, 2017
Copper prices dipped in May, marking the third consecutive monthly price fall. Copper prices averaged USD 2.54 per pound (equivalent to USD 5,606 per ton) in May, representing a 1.3% monthly decline from April’s average price of USD 2.58 per pound. In annual terms, copper prices increased 19.0% in May, up from April’s 16.6% rise.
The drop in prices last month was partly due to output at the Escondida mine being ramped up following a lengthy labor dispute, although this was offset to a degree by strike action at Indonesia’s Grasberg mine. In addition, concerns emerged regarding Chinese demand for the red metal following news of falling imports in April, putting downward pressure on prices.
Author: Oliver Reynolds, Economist