Chile Commodities

Chile

Chile: Copper prices stable at low level in October

November 2, 2015

Concerns over a slowdown in China, an appreciating U.S. dollar and an increased commodity supply triggered a sell-off in major commodities, including copper. Prices for copper and oil, and also for gold and other raw materials, have seen fresh lows recently and copper prices reached a six-year low in August. However, prices rose marginally in September and stabilized in October. In October, copper prices were unchanged at September’s average of USD 2.37 per pound (equivalent to USD 5,216 per tonne). Copper prices had recorded a mild 1.7% monthly increase in September, which represented the first gain after three months of falling prices.

Nevertheless, copper prices continued to decline in annual terms, marking the 15th consecutive year-on-year drop. Average copper prices fell 22.6% in October, which was a slightly softer decrease than September’s 24.1% decline. Since the beginning of this year, copper prices fell 19.0%.

Panelists participating in the LatinFocus Consensus Forecast expect copper prices to average USD 2.60 per pound in 2015 and USD 2.59 per pound in 2016.


Author: Teresa Kersting, Economist

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