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Chilean Cochilco cuts 2015 copper forecast- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
10/27/2015 non-ferrous metals expo |
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State copper consultancy Cochilco revised down its forecast for Chile''s 2015 copper production for the fourth time this year on Friday, estimating that the top copper exporter will produce 5.68-million tonnes of the red metal.
As recently as July, Cochilco had said that Chile would produce 5.88-million tonnes of copper, and in January it had estimated that output would likely come to six-million tonnes. But low prices on weak demand in key buyer China have led mining companies to delay new projects and lay off workers, while a slew of natural disasters and labour disputes has also hurt production.
Cochilco also revised down its copper price forecast to $2.53/lb in 2015, and $2.50/lb in 2016. It had projected the 2015 price at $2.77/lb in July.
The weak market has led some miners to signal that they would seek to cut production.
Chile''s large Collahuasi mine, owned by Anglo American and Glencore, said in September it would cut production by 30 000 t. Meanwhile, state-owned copper miner Codelco has said it would likely not get back any of its profits from the government this year, and is expected to announce more delays to new projects.
有色金属展-2016年第十七届广州国际有色金属展览会-巨浪展览 non-ferrous
metals- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
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