Chile: Copper prices rise amid expectations of lower production
June 5, 2013
In May, copper prices grew 0.2% over the previous month to an average of USD 3.29 per pound (equivalent to USD 7,249 per tonne), as manufacturing data from China shows some improvement in the Asian economy and recent incidents in copper mines in Indonesia and the United States will limit production in the next months. The monthly rise followed the 5.4% drop recorded in April.
In annual terms, average copper prices fell 8.4% in May, an improvement over the 12.8% decrease seen in April.
Consensus Forecast panellists expect copper prices to average USD 3.54 per pound this year before moderating to USD 3.42 per pound next year.