Chile: Copper prices tick up in June
July 4, 2017
Copper prices rose in June, stopping a run of three consecutive monthly price falls. Copper prices averaged USD 2.59 per pound (equivalent to USD 5,707 per ton) in June, representing a 1.8% monthly rise from May’s average price of USD 2.54 per pound. In annual terms, copper prices increased 22.9% in June, up from May’s 19.0% rise.
The rise in prices last month was underpinned by poor weather in the north of Chile which caused temporary suspensions of activity at several mines, including Escondida. Output at the Escondida mine is taking a while to recover to pre-strike levels, while labor unrest has flared at the large Grasberg mine in Indonesia, leading to further concerns about global supply disruptions.
Author: Oliver Reynolds, Economist