Annual Average U.S. Producer Copper Price
39
Annual Average U.S. Producer Copper Price
(Cents per pound)
0
50
100
150
200
250
1959 1962 1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998
YEAR
CENTS
1992 dollars
Current dollars
Cu
Copper
by Daniel Edelstein
Significant events affecting copper prices since 1958
1959-60 6-month labor strikes cause tight supplies, 17% U.S. consumption growth in 1959 and export growth in 1960
1961-62 Record high production rates balanced by strong consumption
1963 Voluntary production cutbacks reduce oversupply and help stabilize prices
1964-66 Vietnam War begins, accompanied by strong demand growth and stockpile releases
1967-68 Longest, most severe strikes to date; Government stockpile releases, set aside programs, export controls, and
production stimulus programs initiated to meet defense needs; formation of the Intergovernmental Council of Copper
Exporting Countries (CIPEC)
1970-73 Continued high wartime demand; easing of export controls and set-asides; two-tier pricing generates Government
concern; price controls limit rise; nationalization of U.S-owned Chilean properties; the Organization of Petroleum
Exporting Countries (OPEC) oil embargo begins
1974 End of price controls and strong demand cause first-half price rise before second-half economic reversal; last
stockpile release, 229,000 metric tons; fixed exchange rates abandoned
1975-77 Demand drops precipitously owing to recession, copper inventories rise to record levels, price volatility
1978-80 Record copper consumption and lower stock levels; rising precious metals prices; 5-month labor strike; beginning of
Commodity Exchange, Inc. (COMEX)-based pricing
1981 Large growth in domestic and world production; rising inventories
1982-84 Recession; inventory buildup; U.S. production sharply curtailed; expansion of COMEX-based pricing
1985-86 Draw down of high copper inventories; cutback in capacity at U.S. mines; cost-cutting and efficiency moves
1987-89 Historically low inventories; growing world consumption; prices peak at $1.68 in December 1988
Page 1/4
Free Download
Annual Average U.S. Producer Copper Price PDF
Favor this template? Just fancy it by voting!
(0 Votes)
0.0
Related Forms
