Chile’s Cochilco reduces copper price estimates as demand slows

Chile's copper commission, Cochilco, has made another cut to its copper price forecasts for 2015 and 2016, on lower expectations for global demand growth.

The government agency estimates the red metal’s price to average $2.53 per lb ($5,578 per tonne) in 2015, down from its June forecast of $2.77 per lb ($6,107 per tonne). For 2016, Cochilco now expects copper prices to average $2.50 per lb ($5,512 per tonne), against the $2.70 per lb ($5,952 per tonne) previously estimated. According to Chile’s mining minister, Aurora Williams, the decreases in Cochilco’s estimates reflect mainly the deceleration in global refined copper demand. After having grown 8.4% year-on-year in 2014, copper consumption is expected to increase only 0.9% in 2015 on an annual basis, according to Cochilco. While China’s consumption growth...

Published

Danielle Assalve

October 27, 2015

01:17 GMT

São Paulo