Cochilco cuts 2020 copper price estimate to $2.40/lb, expects surplus to emerge

Chile's state copper commission, Cochilco, has lowered its estimate for the average copper price in 2020 to $2.40 per lb amid a significant downturn in demand due to the Covid-19 pandemic.

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,...

Published

Renato Rostás

April 06, 2020

03:28 GMT

São Paulo