CORRECTED-UPDATE 2-Chile copper exports soar in January
(Corrects date in paragraph 7 to Feb. 28 from Jan. 28)
SANTIAGO, Feb 15 (Reuters) - The value of Chile's copper exports soared 41.5 percent in January from the previous month, despite a sharp drop in world prices, and 56 percent from the same month last year, central bank figures showed on Thursday.
Exports of the metal were worth $3.041 billion in January from $2.148 billion in December and $1.947 billion in January 2006, the bank said.
Chile is by far the world's top copper producer, accounting for around a third of global output. Copper sales abroad account for over half the country's total export revenue.
In recent years, Chile has benefited from high prices, driven by limited supplies, booming demand from China and speculative buying in commodities by funds.
However, exports revenues had cooled in previous months as the price of copper fell from a peak of $4 a lb in mid-2006.
In January this year, the price of copper dropped around 10 percent, from $2.80 a lb at the start of the year to $2.53 at the end of the month.
The fact that export revenue rose despite the sharp fall in prices may suggest a significant increase in copper production in January, details of which will be released by the government on Feb. 28.
Another factor that could weigh in the January versus December comparison is that there may have been fewer working days in December due to the Christmas season holidays.
COPPER PRICES STILL STRONG VS YEAR AGO
Despite the fall in prices in January, the price of copper is still around 25 percent higher now than a year ago.
Earlier this month, Chile said its trade surplus hit a 10-month high in January, fueled by a big jump in exports.
Total exports in the month were worth $5.734 billion, the highest monthly figure since May last year, when copper was trading at a 30-year-high.
For details on trade exports and imports for the full month of January 2007, including all mining exports and copper and imports of oil, please go to: here
