Chile: Copper prices rise in October
November 1, 2010
In October, copper prices increased 2.1% over September, to reach USD 8,225 per tonne (equivalent to USD 3.73 per pound). At the current level, copper prices are 25.1% higher than in the same month last year. The October price rise was mainly due to optimistic demand expectations, as manufacturing activity improves in China and the U.S. High prices for copper ? which accounts for half of the country's total exports ? should continue to have a positive effect on trade. In September, exports expanded a strong 33.8% year-on-year, which came in above the 24.7% increase in August. Despite the recovery, exports are still well below pre-crisis levels. The 3-month sum in exports reached USD 17.7 billion in September, which is still 10.3% billion short of the USD 19.7 billion peak recorded in May 2008.