Copper prices began to test the 7,000 dollars/t level at the time of writing the last Monitor, which was just prior to the Chilean earthquake. The quake on 27~(th) February provided the impetus to push prices higher, however as the damage to the country's mines was minimal the upside to the price recovery was capped. The intraday 3-month price reached a high of 7,625 dollars/t on 3~(rd) March, below the recent January highs. In March prices have edged lower, averaging just over 7,400 dollars/t up to the time of writing. Price changes have been driven mainly by sentiment in response to macroeconomic developments and movements in the value of the US dollar, rather than copper market specific factors.
展开▼
