Chile: Copper prices moderate in March after reaching record-high
April 1, 2011
In March, copper prices dropped 4.6% over the previous month, closing at USD 9,400 per tonne (equivalent to USD 4.26 per pound). Prices were down from the USD 9,858 per tonne peak recorded in February, which had marked a record high end-of-month reading. Despite the price drop, copper prices are still 20.0% higher than in the same month last year and are expected to remain high as producers already struggle to meet the current demand. High prices for copper, which accounts for half of the country's total exports, saw export revenues boom and exports expanded 21.7% year-on-year in February. The 3-month sum in exports reached USD 20.4 billion in February, which exceeded the USD 19.7 billion peak recorded in May 2008 for the third consecutive month.