Chile: Copper prices jump in January
February 1, 2012
In January, copper prices jumped 12.3% over the previous month to USD 8,486 per tonne (equivalent to USD 3.85 per pound). The January jump came in well above the 2.0% increase seen in December and was, in fact, the largest monthly increase recorded since December 2010. Despite the monthly hike, copper prices are still 12.7% below the value observed in the same month last year, which follows on the 22.4% annual drop recorded in December. The annual decline marked the fifth consecutive negative reading, as the Eurozone debt crisis weighs on global growth prospects, which dampens demand for copper.