Chile Foresees High Copper Prices

Source: Reuters (4/20/11)

"World's top copper producer sees prices staying above the 2010 average."

World top copper producer Chile sees copper prices staying above the 2010 average during the next three years, Deputy Mining Minister Pablo Wagner said on Wednesday.

Copper averaged $3.42 per pound in 2010, according to data compiled by the Chilean government.

Wagner said average copper prices could spike to around $4.50 per pound in 2011 and $4.70 per pound in 2012 before starting to decline.

Copper prices in London CMCU3 climbed 1.4 percent to more than $4.28 per pound on Wednesday, helped by expectations of further signs of revival in the U.S. housing sector.

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