Chile: Copper prices surge in November
December 1, 2016
In November, copper prices surged and averaged USD 2.47 per pound (equivalent to USD 5,451 per ton). This represented a significant 15.2% monthly increase from October’s average price of USD 2.15 per pound. In annual terms, copper prices increased 13.6% in November, which contrasted the previous month’s 9.3% drop. November’s figure was the first annual increase in over two years.
The recent rise in copper prices was due to better-then-expected economic data for China. An increase in Chinese imports, which account for the biggest share of the global demand for copper, put upward pressure on prices. Moreover, expectations that the U.S President-elect Donald Trump will substantially increase infrastructure spending boosted sentiment in the market.
Author: Dirina Mançellari, Senior Economist