The latest estimate is 40 cents per lb lower than the previous forecast of $2.85 per lb
, announced in late January.
Cochilco has also revised its forecast for the global copper market’s supply-demand balance this year. The commission had previously forecast a deficit of 22,000 tonnes, but has since revised this to a 129,000-tonne surplus amid the prospect of a global recession caused by the Covid-19 outbreak.
“Developed economies are in a state of paralysis due to quarantine periods, social isolation orders,...