Chile: Copper prices increase in October
November 1, 2013
In October, copper prices rose 0.6% over the previous month to an average of USD 3.27 per pound (equivalent to USD 7,203 per tonne), contrasting the 0.5% fall recorded in September. The Ministry of Mining updated its production forecasts for this year from 5.53 million tons of copper to 5.70 million tons of copper. According to the Minister of Mining, Hernan de Solminihac Tampier, "this new estimate is contingent on a series of factors such as the size of the surplus in the copper market, the stability of China's economy and signs that the euro zone is coming out of recession."
In annual terms, average copper prices fell 10.7% in October, which was up from the revised 11.5% fall recorded in September (previously reported: -11.3% year-on-year).
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