Prices help boost Chile's mineral exports

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Thursday, December 7, 2017

With the average price of copper staying above US$3/lb for the third month in a row, Chile's mining exports in November were at their highest levels since 2014.

Last month's mining exports were US$3.55bn, up 22.9% from US$2.89bn a year earlier, according to the latest central bank figures. November exports were up 0.28% from October.

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Exports for the first 11 months of the year reached US$33.0bn, up from US$27.6bn in the same period last year.

Copper exports reached US$3.26bn last month, up 27.4% from US$2.56bn in November 2016 and 10.4% higher than in October. Copper cathode exports totaled US$1.34bn, while those of copper in concentrates amounted to US$1.57bn, the bank said.

The average spot price of copper on the London Metal Exchange was US$3.096/lb compared with US$2.469/lb in November 2016, according to Chile's state copper commission Cochilco.

Higher prices also helped November molybdenum and lithium exports rise to US$31mn and US$77mn, respectively, from US$17mn and US$58mn a year before.

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Chile's total exports in the month reached US$6.02bn, 15.3% higher than in November 2016 and up 1.05% month-on-month.

The country's mineral exports totaled US$30.9bn last year, of which copper accounted for US$28.1bn.