Commission: Copper price in Chile to keep low in 2009, 2010
news.xinhuanet.com
The price of copper, Chile's main export item, will remain low during the next 18 months, affecting the country's revenue, the Chilean Commission of Copper (Cochilco) said Wednesday.
The slump has been caused by sluggish demand from major importers, including China, the U.S. and Japan, amid a world economic downturn.
Copper price will drop more, from an average of 1.60 U.S. dollars per pound in 2009 to 1.50 dollars in 2010, the Cochilco said.
Chilean copper prices reached 4.028 U.S. dollars per pound on March 6, 2008, and have been falling ever since.
Prices for copper, oil and other raw materials have consistently dropped in the international market in the aftermath of the global financial crisis.
However, Cochilco said that copper production in Chile will reach 5.47 million metric tons this year, a rise of 3.7 percent compared with 2008. For 2010, Cochilco projected an output of 5.8 million metric tons, an increase of 6 percent on the forecast for this year. |
