Chile: Copper prices rebound in October
November 1, 2011
In October, copper prices surged 10.8% over the previous month to USD 7,901 per tonne (equivalent to USD 3.58 per pound), contrasting the 22.5% plunge in September. The print marked the sharpest increase in copper prices this year, on the back of firm Chinese economic data and expectations of an agreement between European leaders to tackle the region's debt crisis. In spite of the October price increase, copper prices remain 3.9% below the same month last year, marking the second year-on-year drop since September 2009. Moreover, copper prices remain well below the record high levels recorded in February this year, when prices reached USD 9,858 by the end of the month.