Chile Commodities November 2016

Chile

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.

Panelists participating in the LatinFocus Consensus Forecast expect copper prices to average USD 2.16 per pound in 2016 and USD 2.23 per pound in 2017.


Author:, Senior Economist

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Chile Commodities November 2016

Note: Cash seller and settlement price.
Source: Thomson Reuters.


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