The Chilean Copper Commission (Cochilco) has announced a revised forecast for the average price of copper in 2023, reducing it from 3.90 to 3.85 dollars per pound.
A similar downward adjustment was made for 2024, lowering the estimated price from 3.80 to 3.75 dollars per pound.
This announcement was made by Joaquín Morales, Cochilco’s executive vice-president, during the presentation of the “Copper Market Trends Report” for Q2 2023.
Morales attributed the revision in copper price forecasts to external factors.
Among the variables influencing the price, Morales pointed out historically low inventory levels in official stock exchanges, a continuing downward trend of inflation in the US, positive copper consumption in China, and a persistent shortfall in global copper production as of May.
The report presented a modest global copper production growth outlook for 2023, anticipated to reach 22.2 million tons – a 2.8 percent increase from last year, which is less than the earlier projection of 4.1 percent.
Chile’s projected copper production for 2023 stands at 5.4 million tons, marking a 1 percent rise from last year, while 2024 is projected to see a 4.3 percent increase to 5.6 million tons.