China’s appetite for copper boosts Chilean economy
AFP, SANTIAGO
With the price of copper reaching a 10-year high thanks in no small part to China’s insatiable appetite, Chile, the world’s leading producer, faces a “unique” opportunity, experts said.
Copper on Wednesday rose to US$4.21 per pound on the London Metal Exchange, meaning that it has doubled its price since March last year.
Experts say that its price, spurred by demand from China, could beat all records in the coming weeks, surpassing its previous high of US$4.60 in February 2011 and potentially rising above US$5 per pound.
The Chuquicamata mine in Calama, Chile, is pictured on June 24, 2019.
China s Appetite for Copper Provides Chile With Opportunity – Courthouse News Service
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China s appetite for copper provides Chile with opportunity
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China s appetite for copper provides Chile with opportunity
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Copper price rally slows ahead of Chinese holiday
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Copper prices eased on Thursday as Chinese markets closed for the week-long Lunar New Year holiday after four days of rapid gains that lifted prices to their highest in eight years.
On the Comex market, copper for delivery in March fell by 0.59% to $3.7500 a pound ($8,250 a tonne). Benchmark copper on the London Metal Exchange (LME) was down 0.1% at $8,289.50 a tonne in official trading.
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Many analysts forecast a multi-year bull run as demand outpaces supply, with investors weighing prospects for a fast-tracked stimulus package in the US.