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Chile¡¯s Cochilco boosts copper forecast to near USD 3 per pound in 2018-2018 China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
10/24/2017 Copper exhibition -non-ferrous metals expo |
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Reuters reported that Chile state copper commission Cochilco forecasted that an average global copper price of USD 2.95 per pound in 2018, a sharp upward revision from its mid-year estimate of USD 2.68, due to greater demand in China, a key market. For 2017, it predicted an average copper price of USD 2.77 per pound, markedly higher than its previous estimate of USD 2.64.
Cochilco also forecasted Chile¡¯s copper output to fall 4 percent from 2016, to 5.27 million tonnes, due primarily to a 43-day strike at BHP Billiton Ltd¡¯s Escondida mine in Chile, the largest copper mine in the world, earlier this year.
In 2018, however, with Escondida operating at full capacity, the state commission predicted output will rise 7.8%, to 5.74 million tonnes.
Cochilco Vice President Sergio Hernandez attributed higher near-term copper prices to a surge in Chinese demand, a result of higher-than-predicted growth of 6.9% in the first quarter of 2017, but warned there were signs that growth was unsustainable.
Mr Hernandez said at a news conference that ¡°There is a high degree of consensus that this trajectory of growth is unsustainable in the medium term ¡ which could lead to adjustments in the future.¡±
China is by far the most important market for Chilean copper. Fluctuations in demand there, particularly in copper-intensive areas such as real estate, have a strong impact on the Chilean economy, where copper-related activity can account for up to 15 percent of gross domestic product.
For every one cent increase in the average annual price of copper, Chilean exports grow nearly USD 125 million and tax revenues increase by USD 60 million, according to official estimates.
-2018 China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
-Non-Ferrous Metal exhibition, 2018
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