Chile: Copper prices increase in November
December 1, 2010
In November, copper prices increased 1.8% over October to USD 8,375 per tonne (equivalent to USD 3.80 per pound). At the current level, copper prices are 22.9% higher than in the same month last year. The November price rise was mainly due to optimistic expectations regarding future demand, amid stronger-than-expected manufacturing in China and higher U.S. consumer confidence. Rising prices for copper, which accounts for half of the country's total exports, continue to have a positive effect on trade, with exports expanding 11.3% year-on-year in October. However, exports remain well below pre-crisis levels. The 3-month sum in exports reached USD 17.5 billion in October, which is short of the USD 19.7 billion peak recorded in May 2008 but above the trough of USD 10.9 billion recorded in February 2099.