Cochilco ups 2021 copper price outlook to $4.23/lb; 2022 held at $3.95/lb

Chilean copper commission Cochilco increased its overall copper price outlook for 2021 to $4.23 per lb on Tuesday November 30, up from $4.20 per lb previously, amid expectations of a higher supply-demand deficit.

The council, part of the country’s mining ministry, also decided to maintain its 2022 price estimate at $3.95 per lb.
Copper demand prospects were raised to 24.49 million tonnes for 2021, from 23.97 million tonnes in the previous report in September. The new figure represents a 3.21% growth rate from 23.72 million tonnes in 2020.
Most of that increase in consumption would come from outside China, according to the commission.

Cohilco expects Chinese demand to rise by 2.00% to 13.67 million tonnes, from 13.40 million tonnes last year. For the rest of the world, estimates were for 10.82 million tonnes,...

Published

Renato Rostás

December 01, 2021

15:20 GMT

São Paulo