Chile: Copper prices fall amid increased supply
August 2, 2013
In July, copper prices dropped 1.3% over the previous month to an average of USD 3.13 per pound (equivalent to USD 6,907 per tonne). The decline comes amid market concerns that output of copper will outstrip demand in 2014 due to the fact that mining for the metal is increasing while demand from China- a key importer of Chilean copper -slows. The figure was, however, an improvement over the 3.4% fall recorded in June.
In annual terms, average copper prices fell 8.9% in July, a deterioration compared to June's 5.7% decrease.
Consensus Forecast panellists expect copper prices to average USD 3.54 per pound this year before moderating to USD 3.42 per pound next year.