Andina

Peru: copper price to continue boosting traditional exports

Cobre

Cobre

14:16 | Lima, Mar. 16.

Copper price —which rose 48% between end-2015 and March 2018— will continue boosting traditional exports from the Inca country, private-run Peruvian Bank Association (Asbanc) reported on Friday.

Currently, copper accounts for nearly 30% of Peru's total exports, 41% of traditional shipments, and 50% of mining sales. 

According to Asbanc, copper exports growth is explained by a rise in its price

Copper importance

Within this framework, the Association of Peruvian Exporters (Adex) recently informed the Andean nation's total exports continued expanding, thus reaching US$3.909 billion in January 2018 (+20.3%). 

In this sense, the association noted said increase was underpinned by higher shipments of copper. 

London Metal Exchange 

On the other hand, copper inventories —at London Metal Exchange (LME) warehouses— have been showing a downward trend since end-2016, Asbanc reported.

In this regard, the guild noted the decrease is explained by better economic conditions worldwide.

"It is worth noting copper consumption in China shows an upward trend nowadays," it stressed. 

Finally, Asbanc underlined copper price is on the upward trend due to lower stocks of said mineral around the world, as well as an increase in its demand in the Asian Giant. 

(END) JJN/JJN/FGM/MVB

Published: 3/16/2018
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