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.
Author: Oliver Reynolds, Economist