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Chile Commodities September 2021

Chile: Copper prices tick up in September

Copper prices edged up in September, coming in at USD 9,325 per ton on average, up from August’s USD 9,251 per ton. Prices were 39.1% higher than in the same month last year and 20.0% higher year-to-date.

The market took a breather in September after several months of declining prices since the high reached in mid-May. Copper was potentially supported by a dip in U.S. inflation in August, which raised the possibility that the Federal Reserve will keep its expansive monetary policy in place for longer. However, uncertainty over Chinese demand, amid concerns over the possible spillovers from the Evergrande debt crisis, likely weighed on the market somewhat. On the supply front, the risk of further strike action in top producer Chile has eased significantly in recent weeks after wage agreements at a series of the country’s mines.

Looking forward, copper prices are seen ebbing gradually as global growth slows. However, sustained demand from the electric vehicles and renewable energy sectors should provide some support.

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