Chile: Copper prices rebound in September
October 1, 2012
In September, copper prices jumped 7.6% over the previous month to an average of USD 3.67 per pound (equivalent to USD 8,088 per tonne), which contrasted the 0.9% drop seen in August. Despite the monthly increase, copper prices fell 2.6% in annual terms, as dim global growth prospects continue to dampen demand for copper. The reading, nonetheless, marked an improvement over the 16.5% drop recorded in August. The Chilean Copper Commission (Cochilco) expects copper prices to average USD 3.52 per pound this year. For the next year, Cochilco expects copper prices to moderate to an average of USD 3.48 per pound amid lower global growth prospects and weakening demand.