Saturday , May 28 2022

The Chochilco Chilean agency reduces the estimated cost of copper and global deficit prospects to adapt AmericaEconomy


Santiago. The State Chilean Copper Commission (Reduced) reduced slightly to anticipate the average metal price this year and in 2019 on Thursday, due to the effects of the trade war between the United States and China.

Cochilco broke its estimated for this year to an average metal value of $ 2.97 per bunn from a previous $ 3.0 calculation. For 2019, meanwhile, the agency predicted a price of $ 3.05 per pounds of US $ 3.10.

During the presentation of the copper market report for the third quarter, Víctor Garay, director of studies responsible for Cochilco, said in the last two months of this year that the metal should be trading around recent values, but with a lot of instability.

Along with the price estimate, the agency projected a volume of production of 5.76 million tonnes of copper in Chile for this year, an increase of 4.7% year on year.

Cochilco stressed that copper production from Chile would register an interregional increase of 3.1% and 1.4% in 2019 and 2020, respectively.

The predicted production for 2019 would be the highest historic.

However, the agency predicts the lack of copper water in the global market.

"The supply and copper demand position points to the consolidation of metal deficits for the 2018-2020 period, although there are limited levels," said Pablo Terrazas Mining Under Secretary in a statement.

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