the state Chilean Copper Commission (Cochilco) affirmed that it maintains its projection for the price of copper for this year at US$ 3.95 per pound, in the midst of a moderate downward trend after the historical advance registered last year.
Meanwhile, for 2023, it estimated an average price of US$ 3.80 per pound.
“For this and next year, the beginning of a moderate downward cycle of the average annual price of the metal is expected, which is still at historically high and positive levels for the industry,” Cochilco said in a statement.
He explained that the trend is due to the anticipated slowdown in the economic growth rates of the main copper consumers, a recovery in production to pre-pandemic levels and the beginning of the adjustment of interest rates in the United States.
For this year, Cochilco forecasts increases in world copper production of 4.1% and 5.5% by 2023, with which the market would return to the surplus phase at the end of 2023.
In addition, the agency projected a production volume in Chile of 5.7 million tons of copper for this year, which represents a year-on-year increase of 2.6%. For 2023, the estimate is of an advance of 4.8% to 6 million tons.
Chile is the world’s largest producer of copper.
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