Chile: Copper prices reach record levels in February
March 1, 2011
In February, copper prices rose 1.4% over the previous month, closing at USD 9,858 per tonne (equivalent to USD 4.47 per pound), after the rise in prices had virtually stalled in January. As a result, copper prices are now 39.4% higher than in the same month the previous year. That said, the prices seen at the end of February are down from a peak of USD 10,148 per tonne recorded on 14 February, when copper prices had reached an all-time high. Copper prices are rising on the back of an improving demand outlook, as stronger manufacturing growth in China bolsters metals consumption. High prices for copper, which accounts for half of the country's total exports, have a positive effect on export revenues, with exports expanding 15.9% year-on-year in January. The 3-month sum in exports reached USD 20.8 billion in January, which exceeded the USD 19.7 billion peak recorded in May 2008.