Chile Commodities March 2017

Chile

Chile: Copper prices lose ground in March

April 1, 2017

Copper prices dipped slightly in March, building on the modest price increase seen in the previous month. Copper prices averaged USD 2.64 per pound (equivalent to USD 5,825 per ton) in March, representing a 2.0% monthly decline from February’s average price of USD 2.69 per pound. In annual terms, copper prices increased 17.5% in March, down significantly from February’s 29.2% rise.

The drop in prices last month was largely a result of lessening supply constraints, as workers at the Escondida mine reached an agreement with BHP Billiton after lengthy strike action. In addition, output resumed at the Grasberg mine in Indonesia following a dispute between the mine’s operator and the government over copper concentrate export permits.

Panelists participating in the LatinFocus Consensus Forecast expect copper prices to average USD 2.50 per pound in 2017 and USD 2.54 per pound in 2018.


Author:, Economist

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Chile Commodities March 2017

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


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