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Financial News: CHILE: Cochilco Raises Copper Price Estimate To US$

CHILE: Cochilco Raises Copper Price Estimate To US$ 3.06 Per Pound In 2018

01/18/2018 - 13:10:00 (RTTNews)

(RTTNews) - The Chilean Copper Commission (Cochilco) raised its 2018 average copper price estimate to US$ 3.06 per pound, from US$ 2.95 per pound earlier. For 2019, Cochilco estimates the average price to reach US$ 3.11 per pound.

Sergio Hernández, the Commission's Executive Vice President, said that the estimate update is primarily due to the perception of copper supply vulnerability in 2018, since a high number of mining operations in Chile and Peru are set to go through collective bargaining processes with unions.

There is also an expectation of a copper deficit given the recent measures implemented in China to impose restrictions on the imports of certain types of copper scrap and temporarily limit the operation of some smelters for environmental reasons.

In 2018, the Chilean copper production might rise 4.9%, reaching 5.74 million tons, assuming that Minera Escondida recovers its production levels. For 2019, Cochilco estimates the Chilean copper production at 5.91 million tons.

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