Cochilco increases copper price forecast for 2020 to $2.62 per lb

Chilean copper commission Cochilco has increased its forecast for the average copper price this year to $2.62 per lb, from $2.40 per lb previously, due to the recovery in the Chinese economy and a drop in inventories, it said on Thursday August 6.

For next year, however, Cochilco has reduced its average copper price estimate to $2.85 per lb, from the $2.90 per lb it published in its previous market trend report on April 3.

“[We note that] one cannot fully rule out the risks of a second wave [of Covid-19 infections] in the United States and in Europe, as well as new quarantine enforcements in some countries which produce the metal. [These] would introduce a degree of volatility to this...

Published

Renato Rostás

August 06, 2020

19:20 GMT

São Paulo