On Friday the price of copper fell to its lowest level in almost four years, closing at US$1.38/lb cash on the London Metal Exchange.
The price is the lowest since December 10, 2004.
As a result, Chile's private miners association Sonami issued a statement Friday expressing its deep concern about the rapidly declining price, adding that for every cent the red metal drops in its annual average, the nation's export revenues decline by US$120mn.
Friday's price represented a 14.8% decline from the previous week. According to Chile's state copper commission Cochilco, global stocks now have swelled to 332,500t due to plummeting demand.
The recent week was particularly damaging to investor sentiment, as it kicked off to news that the US economy has been in recession since December 2007, Cochilco said, adding that further news of poor macroeconomic indicators in China also contributed to the decline.
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