Chile Oct Copper Exports Rise To $2.72B From $2.55B Oct '09

SANTIAGO, Nov 15, 2010 (Dow Jones Commodities News via Comtex) -- The value of Chile's copper exports in October rose to $2.72 billion from $2.55 billion in the same month the previous year, the central bank reported Monday

The year-on-year increase was due to the higher copper prices on international markets. Chile is the world's largest copper producer and exporter.

Chile's overall mining exports, including molybdenum, iron, silver, iodine and lithium, increased to $3.0 billion in October from $2.84 billion a year earlier.

According to state copper commission Cochilco, spot copper prices averaged $3.76 a pound on the London Metal Exchange in October, surpassing the $2.85 a pound the metal averaged the same month last year. In January-October, prices averaged $3.30 a pound, compared with $2.19 a pound for the same period in 2009.

Accumulated copper exports for the first ten months of the year rose to $30.03 billion from $21.31 billion in the same period of 2009, while overall mining exports increased to $33.16 billion from $23.8 billion during the same period last year.

Chile is the world's largest copper producer, accounting for about a third of global production. It is also one of the world's biggest producers of iodine, lithium and molybdenum.