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Chile hikes copper price forecast-18th China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
4/18/2017 Copper exhibition -non-ferrous metals expo |
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BNamericas reported that Chilean state copper commission Cochilco has increased its copper price forecast for this year to an average of USD 2.60/lb from its January estimate of USD 2.40/lb. The agency also upped its price forecast for 2018 to USD 2.60/lb from the previous USD 2.50/lb.
The revision was based on the number of supply disruptions that have affected the world''s largest mines, including BHP Billiton''s Escondida mine in Chile, as well as Freeport-McMoRan''s Grasberg mine in Indonesia and Cerro Verde in Peru, Cochilco''s executive VP Sergio Hern¨¢ndez said Thursday.
As a result of the disruptions, Cochilco is forecasting growth of global mined copper of just 0.7% for this year compared to its previous estimate of 2.9%. Production for this year is expected to reach 20.4 million tonne.
As for demand, Cochilco is forecasting 1.7% growth to 23.7 million tonne this year, also lower than its previous projection. For 2018, global copper demand is expected to grow 1.6%, the agency said, compared with its previous estimate of 2.0%.
In the case of Chile''s mining output, Cochilco is forecasting production to be 5.6 million tonne this year, for 0.8% growth. Chile''s copper output last year was 5.55 million tonne.
-18th China(Guangzhou)Int¡¯l
Non-Ferrous
Metal£¨Copper£©Exhibition
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