Chile: Copper prices tick up marginally in November
December 1, 2017
Copper prices inched up in November, marking the sixth consecutive monthly increase. Copper prices averaged USD 3.10 per pound (equivalent to USD 6,827 per ton) in November, up 0.3% from October’s average price of USD 3.09 per pound. In annual terms, copper prices increased 25.2% in November.
Supply concerns helped keep copper prices elevated in the last month. Peruvian workers at mines run by Southern Copper have been on strike since mid-November, after talks between the company and unions broke down. In addition, workers downed tools for 24 hours at Chile’s Escondida mine in protest and job losses, while talks between the Indonesia government and Freeport McMoRan over the company’s divestment of a majority stake in the Grasberg mine continue to rumble on with no immediate end in sight. However, prices lost impetus towards the end of the month on the back of concerns over Chinese demand.
Author: Oliver Reynolds, Economist