Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Chilean copper prices are not likely to rebound until the coronavirus outbreak in China stabilises, the Chilean Copper Commission (Cochilco) said on Feb 14, with its price at CLP260.2/lb, a drop of 1.5pc from the week ending Feb 7.

On Jan 24, a day before China’s Lunar New Year, Chile’s copper price was CLP270.7/lb


The commission stated that refined copper inventories in China stood at an 11-month-high due to current logistical limitations. 

In the two-week-period ending Feb 14, copper stocks at the Shanghai Futures Exchange increased by 107,000mt, or 69pc, to 263,000mt.

The official three-month LME copper contract dropped by $742/mt, from $6,330/mt on Jan 16 to $5,588/mt on Jan 31. 

LME copper has inched up by $170/mt in the last two weeks, as China slowly resumes smelting operations.

Chile is a major producer of copper and China is the world’s top consumer. 

Chile’s exports of copper ores and concentrates to China in 2019 were 7,729,225, up by 33.07pc from 2018. 

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