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...