Chile: Copper prices tick up marginally in December, end 2017 at multi-year high
January 1, 2018
Copper prices inched up in December, marking the seventh consecutive monthly increase. Copper prices averaged USD 3.11 per pound (equivalent to 6,858 per ton), up marginally from November’s average of USD 3.10 per pound. In annual terms, copper prices increased 21.6%. The average copper price for December was the highest since September 2014.
Robust global demand for the red metal, particularly from top consumer China, once more helped to buoy prices. Chinese copper imports surged in November, while manufacturing data in the same month was also encouraging. Copper prices have remained elevated since the start of the year, on the back of news that China is cutting scrap imports. This should boost demand for more refined forms of the metal going forward.
Author: Oliver Reynolds, Economist