Chile: Copper prices fall in November
December 2, 2013
In November, copper prices fell 1.8% over the previous month to an average of USD 3.21 per pound (equivalent to USD 7,071 per tonne). November's fall contrasted the 0.6% increase recorded in October. In annual terms, average copper prices dropped 8.3% in November, which was up from the 10.7% drop recorded in October. The Ministry of Mining expects copper production for this year to be between 5.53 million tons and 5.70 million tons. The Chilean Copper Commission projects copper prices to average USD 3.31 per pound in 2013 and USD 3.14 per pound in 2014. Consensus Forecast panelists expect copper prices to average USD 3.54 per pound this year before moderating to USD 3.42 per pound next year.
Author: Dirina Mançellari, Senior Economist