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Chilean copper export revenue tumbles 58% in January

The value of Chile's copper exports tumbled 58% in January to $1.491 billion, the lowest level for the month since 2005 as prices for the red metal slumped amid a global economic slowdown, central bank figures showed.

Chile, the world's largest copper producer, had $3.580 billion copper export revenue in January last year. It exported $1.232 billion worth of copper in December.

Chile's copper export revenue is tumbling with prices pummeled in recent months as demand for the metal used in construction fell due to the global economic crisis.

Copper traded at the equivalent of about $1.51 per pound in London on Monday, compared to record highs of more than $4/lb in July 2008. (Reuters)