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Chile Commodities November 2020

Chile: Copper prices surge in November

Copper prices soared from the previous month in November as healthier demand prospects fueled by the announcements of several effective Covid-19 vaccines galvanized markets. On average, prices for the red metal came in at USD 7,069 per ton (equivalent to USD 3.43 per pound), strongly up from October’s USD 6,714 per ton (USD 3.05 per pound). Moreover, prices were 29.2% higher than in the same month last year.

November’s considerable gains came amid stronger market sentiment stemming from optimism surrounding the rapid availability Covid-19 vaccines, strong global manufacturing activity and supply concerns in Chile. Further upside pressure stemmed from the continued fall in copper stockpiles in China, the world’s top consumer of the red metal.

Going forward, copper prices are expected to decline next year amid easing supply-side disruptions, especially in Latin America. That said, the decrease in prices should be partly cushioned by the spread of electric vehicles and green-energy projects.

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