Chile foresees copper price increases

Chile foresees copper price increases The Chilean committee that issues long-term forecasts for copper prices predicts prices will increase by another 22 percent beginning in 2007.
   Chile is the world's largest copper producer, and copper ingots are one of the important commodities moved by shipping companies or northbound voyages to the U.S.
   According the wire service reports, the committee said copper prices will average $11.21 a pound between 2007 and 2016. The committee predicted last year the price would average 99 cents a pound.
   Copper prices have increased dramatically in recent years. Workers this week went at strike at Escondida, the world's largest copper mine, seeking a contract union members see as being more in line with world copper prices. When the union representing copper miners negotiated the current contract in 2003, copper prices were about one-fifth of the price on today's world markets.