Chile: Copper prices remain subdued in October
October 1, 2016
In October, copper prices increased following two consecutive drops and averaged USD 2.15 per pound (equivalent to USD 4,731 per ton). This represented a soft 0.2% monthly increase from September’s average price of USD 2.14 per pound. In annual terms, copper prices dropped 9.3% in October (September: -9.5% year-on-year), marking the 27th consecutive annual fall.
Since dropping to an over six-year low in January, copper prices have been hovering at low levels. Concerns over a slowdown in China—the world’s top copper consumer—and excess supply have been driving a sell-off of copper and other major commodities, pushing their prices down over recent years.
Author: Dirina Mançellari, Senior Economist