Chile Commodities

Chile

Chile: Copper prices record lowest level in nearly six years

February 3, 2015

In January, copper prices fell 9.1% over the previous month to an average of USD 2.66 per pound (equivalent to USD 5,855 per tonne), which represented the lowest level since June 2009. January’s decrease followed the 4.1% drop recorded in December and marked the steepest decline since October 2011.

In annual terms, average copper prices fell 19.7% in January, which followed the 10.8% drop recorded in December. January’s result marked the sixth consecutive decline in annual prices.

The Central Bank expects copper prices to average USD 2.9 per pound in 2015. FocusEconomics Consensus Forecast panelists expect copper prices to average USD 3.14 per pound in 2015, before moderating slightly to USD 3.04 per pound in 2016.


Author:, Senior Economist

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Chile Commodities January 2015

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


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