Chile: Copper prices pick-up slightly in April
May 1, 2012
In April, copper prices rose 0.6% over the previous month to USD 3.87 per pound (equivalent to USD 8,530 per tonne), contrasting the 1.2% drop in March, which had marked the only monthly drop so far this year. The price increase came in amid rising concerns over tight supply due to decreasing stocks. In spite of the monthly rise, copper prices are still 9.0% below the value observed in the same month last year, slightly up from the 9.8% annual drop recorded in March. The annual decline marked the eight consecutive negative reading, as dim global growth prospects dampen demand for copper. The Chilean Copper Commission (Cochilco) expects copper prices to average USD 3.84 per pound this year, amid expectations of a mild recession in the Eurozone as well as a soft landing of the Chinese economy.