Chile sees copper prices rising

Chile sees copper prices averaging $2.95 per lb next year, Chilean Minister of Mining Aurora Williams said at the LME Week industry gathering in London last Tuesday, citing a persistent market deficit. Copper prices have risen some 24 percent so far this year to average $2.75 per pound, helped by strong growth in China, which accounts for about 40 percent of the roughly 23 million tonnes of copper consumed each year. Chile, which produces about a third of the world's copper, has adjusted its market deficit forecast for this year to 60,000 tonnes, the minister said.