Chile: Copper prices dip again in April

SANTIAGO – Copper prices lost ground in April, compounding the slight fall observed in March.

Copper prices averaged U.S Dollar 2.58 per pound (equivalent to $5,682 per ton) in April, representing a 2.5% monthly decline from March’s average price of USD 2.64 per pound. However, prices were up 16.6% year-on-year, only slightly below March’s 17.5% figure.

The drop in prices last month came as supply constraints lessened, with production resuming at Chile’s Escondida mine after lengthy strike action was halted.

In addition, Freeport McMoRan reached a temporary deal with the Indonesian government allowing it to restart copper concentrate exports, although a potential strike at the site could disrupt production.

Panelists participating in the LatinFocus Consensus Forecast expect copper prices to average USD 2.51 per pound in 2017 and USD 2.57 per pound in 2018.