Chile: Copper prices pick up in April
May 1, 2014
In April, copper prices rose a timid 0.3% over the previous month to an average of USD 3.03 per pound (equivalent to USD 6,673 per tonne). April's increase contrasted the 7.0% drop observed in March.
A year-on-year comparison corroborates the improvement suggested by the monthly data. In annual terms, average copper prices fell 7.8% in March, which came in above the 13.0% decrease recorded in March. The reading marked the softest fall since September 2013.
The Central Bank expects copper prices to be at USD 3.0 per pound in 2014 and USD 2.85 per pound in 2015. FocusEconomics Consensus Forecast panelists expect copper prices to average USD 3.19 per pound in 2014 before moderating to USD 3.16 per pound in 2015.
Author: Dirina Mançellari, Senior Economist