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Chile's Cochilco revises copper price forecast upward-2018 China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
8/1/2017 Copper exhibition -non-ferrous metals expo |
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Reuters reported that Chilean state copper commission Cochilco last week forecast average global copper prices of USD 2.64 per pound in 2017, a slight upward revision from its previous estimate of USD 2.60, due to greater demand in China, a key market.
The commission also predicted 2017 copper production in Chile of about 5.6 million tonnes, a 0.8% rise from the previous year and roughly in line with its previous forecast in April. In 2018, Cochilco added, Chilean copper production should rise to 5.9 million tonnes.
Chilean Mining Minister Aurora Williams explained that the [copper price] rise for 2017 is due, in part, to the better performance of economic activity indicators in China, which surpassed market expectations.
As China is by far the most important market for Chilean copper, an improvement in its economy, particularly in copper-intensive areas such as real estate, bode well for the South American nation.
In its previous report in April, Cochilco significantly revised down its 2017 forecast for Chilean copper production and revised up its copper price forecasts, due in large part to a 43-day strike at BHP Billiton''s Escondida mine in Chile, the largest copper mine in the world.
-2018 China(Guangzhou)Int¡¯l
Non-Ferrous
Metal£¨Copper£©Exhibition
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